Hello Traders,
Similar to the Dow Jones setup, the US500 is also showing a rising wedge pattern. Yesterday, price broke to the downside and is now retesting the wedge — a classic technical setup.
📊 Trade Plan:
Risk/Reward: 5.4
Entry: 6 653.6
Stop Loss: 6 676.8
Take Profit: 6 526
🧐 Market Overview:
Rising wedges are typically bearish continuation/reversal patterns, and the current retest provides an opportunity to align with that probability. That said, wedges can fail, especially around major news events, so risk management is key specially with markets being bullish after the fomc announcement.
💡 GTradingMethod Tip:
When trading wedge retests, always allow the market to confirm direction. A strong rejection on the retest adds confluence and avoids false breakouts.
🙏 Thanks for checking out my post!
Make sure to follow me to catch the next idea and please share your thoughts — I’d love to hear them.
📌 Please note:
This is not financial advice. This content is to track my trading journey and for educational purposes only.
Similar to the Dow Jones setup, the US500 is also showing a rising wedge pattern. Yesterday, price broke to the downside and is now retesting the wedge — a classic technical setup.
📊 Trade Plan:
Risk/Reward: 5.4
Entry: 6 653.6
Stop Loss: 6 676.8
Take Profit: 6 526
🧐 Market Overview:
Rising wedges are typically bearish continuation/reversal patterns, and the current retest provides an opportunity to align with that probability. That said, wedges can fail, especially around major news events, so risk management is key specially with markets being bullish after the fomc announcement.
💡 GTradingMethod Tip:
When trading wedge retests, always allow the market to confirm direction. A strong rejection on the retest adds confluence and avoids false breakouts.
🙏 Thanks for checking out my post!
Make sure to follow me to catch the next idea and please share your thoughts — I’d love to hear them.
📌 Please note:
This is not financial advice. This content is to track my trading journey and for educational purposes only.
Trade attivo
Short position opened at planned entry pointNota
Moved top loss to 6 687.9. The reason is because the rising wedge looks different between Oanda and Pepperstone.
On Pepperstone the entry level was higher up so I have had to shift my SL accordingly.
You can se ehow on Oanda, price has already pushed through the rising wedge while Pepperstone it is still in the wedge. Bit annoying...
Oanda:
Pepperstone:
Trade chiuso manualmente
Closing short position at a small profit.I am going to look for another entry if it retests the previous ATH.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.