PRICE ACTION TRADING | RISING WEDGE PATTERN ๐ฐ
Hey traders,
Rising wedge pattern is one of the most accurate price action patterns.
Being relatively simple to recognize, it is applied in various trading strategies.
โญ๏ธThe pattern itself signifies the exhaustion of bulls.
Even though the asset keeps growing in value, the price action legs contract forming a narrowing channel.
Being stuck between two contracting trend lines, one serving as support and one serving as resistance, the price forms a wedge pattern.
๐The trigger that we are looking for to sell the market is a bearish breakout of the support of the wedge (candle close below).
To not be caught by a false breakout, it is highly recommendable to wait for a bearish violation of the last higher low level as well.
Only then the wedge breakout is confirmed.
โก๏ธTrading the market aggressively, one opens a short position on spot just after the candle closes.
โก๏ธThe conservative trader will wait for a retest of the broken support of the wedge though for a safer entry.
โ๏ธSafest stop will lie strictly above the highest wick within the wedge.
โ๏ธInitial target will be based on the closest key structure support.
Learn to recognize this pattern and be disciplined to wait for its confirmed breakout. Only then a high trading performance will be achieved.
What price action pattern do you want to learn in the next post?
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