SpartaBTC

GTO / BTC Falling Wedge. Local triangle under the trend.

BINANCE:GTOBTC   Gifto / Bitcoin
GTO / BTC Falling Wedge . Under a downtrend ( wedge resistance) in a local uptrend, a symmetrical triangle is formed at its peak, which, in the event of an upward breakdown, can act as a of an ascending pennant . And thereby making a breakdown of the downtrend.

Input
Entrance on a breakthrough or rollback after a breakthrough of a given local figure or if sideways movement begins - breakdown and price fixing above a downtrend main trend. Fixing the price above it will mean a reversal of the main trend. The pivot zone was shown on the chart.

Before, time should not enter the market, as the trend is globally expressed in a downtrend. In cases of not overcoming the resistance of the wedge or not fixing the price - movement inside the wedge canvas and the continuation of the downtrend.

Target
If an upward pennant will be formed. The purpose of working out the figure if it is confirmed is the height of the flagpole is about 28%. Perhaps this will be the emergence of an uptrend. Pamp Coin Binance. Therefore, if a reversal occurs, this is the first local target. The following price levels are shown on the chart. You need to understand that the goal is not a line, but a zone near the target level.

Stop loss
Set Stop Loss value with calculation of your trading strategy and money management.
Stop Loss percentage should be adequate. What matters is not the Stop Loss value itself, but the entry point and your system of work.
Trade closed: target reached: The first local target is taken (ascendant pennant) + 28%.
The upward movement continues.
Comment: A local uptrend is developing. Trend trading.
Trade closed: target reached: + 60% The trend is developing. We came up to a very important resistance.

Comments

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