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Wedgebreakout

XAUUSD, daily tf, buy on falling wedge breakoutHello my friends, It has been long since my last position in XAUUSD. Today i finally find a good setup to trade for XAUUSD. If you look at XAUUSD daily tf using line chart, it is very clear that they are making a falling wedge pattern. Price keep moving south but it was getting squeezed in the last 2months. Price finally get out of this wedge pattern and break to the upside at 9th October 2020 and keep moving north for 300 pips. Today we finally see price retrace to retest this broken trend line which is now a support. This is going to take some time to materialize as we are using daily timeframe so we just gonna do it patiently. Also if you're a fan of elliott wave, you could notice that this is going to be the 5th wave for XAUUSD to the upside. I am buying XAUUSD to aim the upwards movement towards 2050 because this is the target of this falling wedge pattern. Buy XAUUSD 1892 Stop loss 1870 Take profit 1 at 1984 Take profit 2 at 2050 RR ratio is 1 : 7.2 Use only 1-2% risk Good luck
OANDA:XAUUSDLong
by HayatoDragonFX
QKCBTC is inside a huge descending wedge 🦐QKCBTC is inside a huge descending wedge and the price created a double bottom on daily support. IF and only IF the price gains bullish momentum and will break recent daily resistance and the wedge, According to Plancton's strategy, we can set a nice order ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> >4h structure. Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
QLong
by InkyGrip
4
Breaking Trends!I laid down at 1:30 this morning at the underlined point. When I woke up at 6 the bigger circle had already took place.. many people in class missed and some got a little piece of it. I'm glad I missed it, I seen the drop coming so basically most classmates broke even if they got in during this entire mess of 5 hours.. the waters are settling back down for now. I predict price to rise up the lower trend line and fall thru floor again if not today then Friday(10/2) before noon. What are your predictions?
Short
by HeyWhit
4
ZEC trade setupZEC Halving coming in 47 days. Privacy coins narrative is coming back this quarter with people wanting their security back. 1. I will wait for more candles to see if $ZEC has really broken out of the resistance or whether it falls back into the wedge 2. $ZEC is forming a bullish flag with AB=CD and possibly it could stay above the resistance line for longer and converting the resistance into a support line. 3. Weekly Chart for $ZEC is very bullish - so it looks like its up for a 2x moonshot on weekly chart.
by BearbullsCapital
1
SPX500 Battle for control ongoingA bit of wedge porn today. One of my favorite setups are these nested wedges but while these are bullish, right now we are sitting at a key support level at 3,230 after 3 weeks of sell-off so there could be some bearish momentum here. The smaller wedge is still forming so we shall see how this pattern ends up. A daily close below 3,230 is certainly bearish while a break out above these wedges would be otherwise. I have made my personal bet but declaring neutrality for now until we see a confirmed breakout in either direction.
OANDA:SPX500USD
by thedailychartist
1
Gold Wedge at APEX for Breakout!Hello Fellow Trader! Gold (XAU/USD) has been compressing into a wedge directly above the previous all time high, which was broken after 9 years in August 2020. The APEX of the wedge is fast approaching as traders and investors patiently await for the continuation break out. Wedge patterns are generally a sign of trend continuation when broken to the upside, and when found above previous highs can become quite potent. Key Points: - Price holding above the 200 EMA - Price holding above the 50 EMA - 23.6% Fibonacci Support Clustering with Previous 10 Year All Time High and 200 EMA - Flat pattern below breakout, once price retests 200 EMA, we have defined entry with risk below the pattern. - Must watch price behaviour around the 200 EMA - RSI hugging 50 mid-point Key Levels: Support – 50 EMA, 200 EMA, 1910 Resistance – 2016, 2085 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Optimal Entry – 1930 Supporting Entry – 1950 Candle Reversals for entry - Bullish Hammer - Bullish Engulfing - Bullish Piercing The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. IF: Price breaks below 1899.000 level, and violates the lower band of wedge– this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Optimal Entry 1930 – Target 1 2016 = 2.75x Reward to Risk Optimal Entry 1930 – Target 2 2085 = 5x Reward to Risk Supporting Entry 1950 – Target 1 2016 = 1.2x Reward to Risk Supporting Entry 1950 – Target 2 2085 = 2.5x Reward to Risk
OANDA:XAUUSDLong
by tradetheday
1