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Wedgepatterns

DON'T FALL FOR IT!! Can you tell me what's next?Every #Bitcoin consolidation since the bottom has had 3 things in common... 1. Each time, it has created a "retail" pattern, such as a wedge. 2. The pattern seemed to #breakout (signaling traders to go long and becoming trapped), only to realize the move as a #fake-out back into the pattern. 3. Then, there seems to be a continuation to the breakdown of the pattern (liquidating late longs and signal traders to go short and becoming trapped), only to deviate back into the pattern just before a massive move to the upside (liquidating the late shorts). This false move to the downside, so far, has also always correlated to the bottoming of the #StochasticRSI. The market makers want your bags and this is how they get them. ------ Tell me what comes next... 😏
COINBASE:BTCUSDLong
by DoozerInvest
XLV is shaping falling wedgeBullish context: weekly uptrend Price position: near last weekly trend low Pattern: four consecutive red days with little upthrust (progression of lows) It looks like previous weekly consolidation area is providing support, and bears are too exhausted to break through it now. This provides an opportunity for a long play. An example of possible trade is shown on the chart. It is important that today closes above 138.6, otherwise, setup is invalidated Disclaimer I don't give trading or investing advice, just sharing my thoughts.
AMEX:XLVLong
by hermes_trisme
ETH AT CRUCIAL SUPPORT!!At we take a look at the ETH/USDT, we can see that is is trading in a massive broadening wedge pattern. Every time it touched the trendline, it bounced nicely. Will history repeat itself? Another thing to keep in mind is that the area which it touched is also lining up with the golden pocket for extra confluence. This is still a bullish chart until support fails. Remember we trade based off probabilities and theres a higher probability we get a bounce instead of a drop but since we can't predict the future we must alwasy protect our portfoliio with a stop-loss. Let me know your thought sin the comments below Calculate Your Risk/Reward so you don't lose more than 1% of your account per trade. Every day the charts provide new information. You have to adjust or get REKT. Love it or hate it, hit that thumbs up and share your thoughts below! This is not financial advice. This is for educational purposes only.
by Navitility
BTCUSD 120 MINS TIME FRAMEThe Structure looks good to us, waiting for this instrument to correct and then give us these opportunities as shown on this instrument (Price Chart). Note: Its my view only and its for educational purpose only. Only who has got knowledge about this strategy, will understand what to be done on this setup. its purely based on my technical analysis only (strategies). we don't focus on the short term moves, we look for only for Bullish or Bearish Impulsive moves on the setups after a good price action is formed as per the strategy. we never get into corrective moves. because it will test our patience and also it will be a bullish or a bearish trap. and try trade the big moves. we do not get into bullish or bearish traps. We anticipate and get into only big bullish or bearish moves (Impulsive Moves). Just ride the Bullish or Bearish Impulsive Move. Learn & Know the Complete Market Cycle. Buy Low and Sell High Concept. Buy at Cheaper Price and Sell at Expensive Price. Keep it simple, keep it Unique. please keep your comments useful & respectful. Thanks for your support..... Tradelikemee Academy Sanjay K G
BITSTAMP:BTCUSDShort
by Tradelikemee
4
fomo buying chart pattern gold price made triple bottom at 1620 since then it is rising but crowd is now bullish at top at $2100 price level if buy the rumor sell the news is real then hedge funds already front running rate cut by fed same like at bottom $1620 in september 2022 👉 nobody talking where gold will be 18 months from now 👉 what will be next macro theme for gold 18 months from now 💡 in september 2025 we will be selling gold or buying gold 💡in september 2025 fed will be creating inflation or deflation
ICMARKETS:XAUUSDShort
by Sangam-Agarwal
Latentview : Symmetrical WedgeAfter hitting all three of our previous targets the NSE:LATENTVIEW is currently exhibiting characteristics of a symmetrical wedge pattern, indicating a potential period of consolidation and indecision in the market. A symmetrical wedge pattern is identified by two converging trendlines, both sloping inwards. This formation signifies a period of decreasing volatility and tightening trading ranges as the highs and lows of the price action gradually converge. The symmetrical wedge pattern is considered a continuation pattern, implying that the prior trend, in this case, the prolonged upside run, could resume after the pattern's completion. Breakout Strategy: To effectively capitalize on this pattern, traders should exercise patience and wait for a confirmed breakout from the symmetrical wedge formation. A breakout occurs when the price decisively moves above or below one of the trendlines, accompanied by significant volume, signaling a shift in market sentiment. Confirmation and Risk Management: It's crucial to wait for confirmation of the breakout and avoid preemptive entries. Additionally, traders should implement proper risk management techniques, such as setting stop-loss orders to mitigate potential losses in case of a false breakout or adverse price movement. Conclusion: In summary, the formation of a symmetrical wedge pattern after a long upside run on the NSE:LATENTVIEW chart suggests a period of consolidation and indecision in the market.
NSE:LATENTVIEWLong
by VanshikaUdeshi
Chart Patterns (Lesson 1)~ The Misleading Rising Wedge The Misleading Rising Wedge on Ethereum Over the past few weeks a prominent trader who I admire has been adamant about Ethereum forming Rising Wedge, which is a bearish reversal pattern. I disagreed with this view but acknowledged the concern raised as any reasonable trader would. However, It caused me a bit discomfort as I have a large position in Ethereum since 2022 BUT I stuck to my guns and held my position. Folks, this wedge caused me enough discomfort that I needed to dig a little deeper on it and what I found is surprising to say the least. So lets have a look at THE WEDGE. What is a Wedge Formation? “Wedges are clearly defined patterns of converging price trend, pointed sharply up or down; they forecast a reversal of the trend which forms them”. From Richard Schabacker - Technical Analysis and Stock Market profits. The Rising Wedge will have slightly higher highs and higher lows compressing into an upward leaning point. The Rising Wedge is typically viewed as a bearish reversal pattern as it demonstrates waning price action with smaller thrusts and smaller declines showing a potential exhaustion of price action followed by a sweeping reversal. The Ethereum Dilemma On the 4th December 2023 I shared the below picture to illustrate a dilemma, was price forming a Rising Wedge (Bearish Pattern) or an Ascending Triangle (Bullish Pattern)? Turns out either way it’s not necessarily bearish as a Rising Wedge can continue in an upwards trajectory and breakout to the upside. I have found 4 examples of bullish Rising Wedges that are recent or relevant, I tried my best to find similar price action and structure also. The four Rising Wedges in the main chart above have a few characteristics that give them an upwards breakout plausibility; 1. Most importantly the On Balance Volume (OBV) indicator is rising. Increasing volume helps the plausibility of continued upwards momentum, whilst decreasing volume would warrant caution of a possible breakdown and reversal of price direction. Remember the Rising Wedge is defined by waning and exhaustive price action (smaller thrusts and declines compressing to a point) and declining volume is suggestive of such exhaustion/lack of interest. - Going forward we should carefully monitor the volume on Ethereum as Schabacker does warn of false break outs and false break downs in Wedges. In the event volume starts to decline, breaking its trendline or taking out recent lows, this could be an early warning sign that we need to reduce position size and prepare to exit. Just something to keep in mind. - The volume on Bitcoin and Ethereum for the Rising Wedge bullish thesis is a little rocky compared to the BlackRock and Ultratech charts volume which both have more consistent upward volume pressure. Just another observation. 2. All four charts have a 200 weekly moving average that is slopping upwards with price above it or price eventually establishing above the 200 week. 3. Each target is a measured move by taking the widest two touch points on the thickest side of the wedge and placing that length of width at the breakout point to establish the target (red arrows on charts). 4. The top two charts (BlackRock and Ultratech) show that price struggled once it met the prior all time high. These were stiff resistance areas for price either in the wedge or immediately the wedge for 21 – 26 weeks of consolidation price action. - In the event this happens with CRYPTOCAP:ETH , we could see significant resistance at $4,600 (All Time High) for a period of 20 odd weeks or something similar. We could at minimum expect resistance at this level as wedges identified illustrate this is a possibility. 5. Another clear pattern on all four Rising Wedges is that prior to wedge formation, the price reached an All Time High, then significantly declined to form the base of the newly forming wedge. I would also argue that the compression or underside angle in all four charts is to a greater degree than the compression from the ceiling forming on the wedge. I realize this is open to your perception, but that’s how I see each charts pattern. We are now aware that Rising Wedges can be bullish formations and that increasing volume contributes positively towards the possibility of a break to the upside. You might still be wondering…which was Ethereum an Ascending Triangle or a Rising Wedge. Let’s ask Schabacker.... I would argue that Schabacker’s description below may indicate that Ethereum was in in fact forming an Ascending Triangle. Schabacker advises under the heading THE WEDGE MUST BE STRICTLY DEFINED “The Wedge must point sharply up or down. A converging pattern which is projected on the chart in a nearly horizontal direction is more apt to partake of the nature of a true triangle, and the student will note that the forecast in that case would be quite different” Ethereum’s Wedge was not pointing “sharply up” and you could argue that the line was “nearly horizontal” either by degrees or by selecting other very close points of contact. Combine with this my earlier observation that the price underside compression angle was far greater that the upper lines weak slant. A major reassurance to me in this ETH trade was when I discovered that increasing volume can offset the bearish tone of a rising wedge. It gave me something to monitor and helped keep me on the right side of probability. I really hope this short review of rising wedges can help you stay on the right side of probability. PUKA
NYSE:BLKLong
by PukaCharts
2