We can see a Rising Wedge forming on the Nikkei 225.
We are not ready to trade yet as we still need to wait for the break but we can get our basic trade plan together now.
Our take profit will be the approximate size of the pattern multiplied by its chances of actually reaching target.
So, a target of ~1633$ * 0.63 (63%) gives us an expected move of around 1028$ from the break point.
Our stoploss should be approximately at our previous swing high, currently around 23760$.
Will update as it plays out with solid TP, SL, and entry points.
Pattern information: thepatternsite.com/risewedge.html
We are not ready to trade yet as we still need to wait for the break but we can get our basic trade plan together now.
Our take profit will be the approximate size of the pattern multiplied by its chances of actually reaching target.
So, a target of ~1633$ * 0.63 (63%) gives us an expected move of around 1028$ from the break point.
Our stoploss should be approximately at our previous swing high, currently around 23760$.
Will update as it plays out with solid TP, SL, and entry points.
Pattern information: thepatternsite.com/risewedge.html
Comment:
Nearing break, setting stop market orders for once it does.
Trade active:
Entry: 23190