What influenced my decision:
A should always have falling , this shows that there are a decreasing number of buyers, which gives conviction that the pattern will fall.
-Really Strong Downtrend (both of Daily and Weekly timeframes)
This implies that the pattern would be more reliable because of the strong downtrend.
-Less than 50% Fib Level
Most times, the is kind of a retracement on the higher timeframe, so if the is lesser than the 50% Fib Level, this gives a stronger signal that the wedge/retracement is likely to fall!
- Narrow trend lines
In Thomas Bulkowski's Getting Started to Chart Patterns, it was discovered that narrow performed better than steeper . Basically this means that with 30 - 45 degrees will perform better than those above 60 degrees.
-Good Amount of Touches
Again, Thomas Bulkowski (this guy is a genius, read his books guys!) found out that the more times that price touches the (at least 3 touches), the breakout will perform better as it means that the breakout is more SIGNIFICANT.
Confluence Score: 5 points
Good luck guys! May the pips be with you!
Do note that not ALL of my trades will be correct 100% of the time! I only provide what I see and what I feel as a trader! Trade my views at your own risk! :)