exploration

Falling Wedge Stategy GBP/USD 290 pip move

Long
FX:GBPUSD   British Pound / U.S. Dollar
1298 views
1
Setup: Trade the breakout of the falling wedge when price breaks from the top of the wedge .
See video on falling wedges on how to place target and stop out.

Video tips trading breakouts on Falling and rising wedges http://www.informedtrades.com/3355-falli...

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Comments

The falling wedge chart 290 pip move closed with over 100 pip profit :)
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A rising wedge has appeared and has ended the target area of 1.6276 and rising wedge has come into existance a 171 pip move down from the break out... here is the chart
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This is a chart to see more information on this 290 pip move
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adjusted profit target 1.6160 area .....with stop out at 1.5822
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Break out on GBP/USD falling wedge and price is going up 290 pip move est. Its best to change breakout line and move it to where price broke out of the wedge if you use my chart.
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Update if this wedge turns into a triangle then trade only when there is a breakout from the geometry form triangle/wedge. If price action breaks out at bottom then trade in the direction of the breakout.
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Price action is still ranging inside the falling wedge...still waiting for a breakout...pretty big fish-- the falling wedge here:)
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If you calculate the rising wedge that created the falling wedge it would be 158 pip move down from the rising wedge...a 158 pips -1.6145 =1.5987 High probability for a bullish breakout as you can see the falling wedge is getting smaller.....Just might be a big fish story target 290 pips. ... UltamateTarget: which ever it breaks from the falling wedge up or down I am going to try to get a big fish story from this wedge....hopefiully.. if i don't get stuck at a gas station and my computer battery doen't go out:) Good Luck
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For me gbpusd looks bearish, not bullish. I'm keeping long-term short position on that pair (1.56 is my target).
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