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🔹 Asset: Wolverine World Wide, Inc. (NYSE: WWW)
🔹 Timeframe: 30-Minute Chart
🔹 Setup Type: Rising Wedge Breakdown (Reversal Play)
📌 Trade Plan (Short Position)
✅ Entry Zone: Around $16.34 (Overextension + wedge top)
✅ Stop-Loss (SL): Above $17.24 (Wedge invalidation zone)
🎯 Take Profit Targets
📌 TP1: $15.45 – First support zone
📌 TP2: $14.59 – Previous breakout base / trendline touch
📊 Risk-Reward Calculation
📉 Risk: $17.24 - $16.34 = $0.90
📈 Reward to TP1: $16.34 - $15.45 = $0.89 → 1:0.99
📈 Reward to TP2: $16.34 - $14.59 = $1.75 → 1:1.94 ✅
🔍 Technical Highlights
📌 Rising wedge formation with bearish pressure
📌 Sharp rally may be overextended
📌 Early signs of rejection near resistance zone
📌 Bearish divergence possible on momentum indicators
📈 Execution Strategy
📊 Enter near $16.34 on confirmation candle
📉 SL above $17.24 to protect against squeeze
💰 Book partial profit at $15.45, let rest ride to $14.59
🚨 Invalidation Risk
❌ Break and hold above $17.24 invalidates the setup
❌ Avoid if market shows strong bullish continuation
🚀 Final Take
✔ Reversal setup after steep rally
✔ Strong risk-reward potential if wedge breaks
✔ Discipline key — wait for confirmation candle!
🔹 Asset: Wolverine World Wide, Inc. (NYSE: WWW)
🔹 Timeframe: 30-Minute Chart
🔹 Setup Type: Rising Wedge Breakdown (Reversal Play)
📌 Trade Plan (Short Position)
✅ Entry Zone: Around $16.34 (Overextension + wedge top)
✅ Stop-Loss (SL): Above $17.24 (Wedge invalidation zone)
🎯 Take Profit Targets
📌 TP1: $15.45 – First support zone
📌 TP2: $14.59 – Previous breakout base / trendline touch
📊 Risk-Reward Calculation
📉 Risk: $17.24 - $16.34 = $0.90
📈 Reward to TP1: $16.34 - $15.45 = $0.89 → 1:0.99
📈 Reward to TP2: $16.34 - $14.59 = $1.75 → 1:1.94 ✅
🔍 Technical Highlights
📌 Rising wedge formation with bearish pressure
📌 Sharp rally may be overextended
📌 Early signs of rejection near resistance zone
📌 Bearish divergence possible on momentum indicators
📈 Execution Strategy
📊 Enter near $16.34 on confirmation candle
📉 SL above $17.24 to protect against squeeze
💰 Book partial profit at $15.45, let rest ride to $14.59
🚨 Invalidation Risk
❌ Break and hold above $17.24 invalidates the setup
❌ Avoid if market shows strong bullish continuation
🚀 Final Take
✔ Reversal setup after steep rally
✔ Strong risk-reward potential if wedge breaks
✔ Discipline key — wait for confirmation candle!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.