We can see a clear wedge formed on the 2hr chart.
The upper resistance line I have drawn is a line that will be instant visible on the daily chart, still figuring out how to post two different time frames next to each other to show this resistance.
Back to the wedge we see that it closes in nearby that 'daily' resistance, I'm convinced this will end up as the point for a short term sell position with a target as shown.
The target is based on the opening of the wedge, the black arrows are there to compare.
With a SL above the resistance there is room for a little squeeze as we can see it did before on this resistance.
A profitable RR at 2.44 will make this worth the try.
Thanks for reading my analysis.
Please share your feedback about my views, and if you know how to place these two timeframes on a single chart to publish thank you in advance!
Wesley
The upper resistance line I have drawn is a line that will be instant visible on the daily chart, still figuring out how to post two different time frames next to each other to show this resistance.
Back to the wedge we see that it closes in nearby that 'daily' resistance, I'm convinced this will end up as the point for a short term sell position with a target as shown.
The target is based on the opening of the wedge, the black arrows are there to compare.
With a SL above the resistance there is room for a little squeeze as we can see it did before on this resistance.
A profitable RR at 2.44 will make this worth the try.
Thanks for reading my analysis.
Please share your feedback about my views, and if you know how to place these two timeframes on a single chart to publish thank you in advance!
Wesley
Comment:
figured it out, see the chart below to see the resistance I talked about.
Trade active:
In this case I had my entry, SL and TP already set.
I’m now in because of this breakout.
We will see wat happens next, I’ll stick to the plan of this wedge.
Will keep this updated.
I’m now in because of this breakout.
We will see wat happens next, I’ll stick to the plan of this wedge.
Will keep this updated.
Comment:
We've seen a breakout of the support and after that a retest.
Coming week will be clear if it's going down like expected. For now the trade is in profit but I'm not ready yet to set my SL on entry level.
Coming week will be clear if it's going down like expected. For now the trade is in profit but I'm not ready yet to set my SL on entry level.
Trade closed: target reached:
On my phone now, but did see a good message pop up.
Target reached, the wedge delivered as expected.
Hope some of you did trade this one with me, learned a lot from this trade and there is still much to learn in the upcoming ones.
Thanks for following
Target reached, the wedge delivered as expected.
Hope some of you did trade this one with me, learned a lot from this trade and there is still much to learn in the upcoming ones.
Thanks for following