Hello Traders, happy Tuesday!
🧐 Market Overview:
I’ve been closely tracking the rising wedge forming on the 1 hour chart. While this isn’t a pattern I normally trade, the structure caught my attention, and I decided to expose a small amount of risk.
Rising wedges are generally bearish in nature - they don't always have to be though. If I zoom out, markets are over bought on the RSI and there are rsi divergences on multiple timeframes. This is one signal that markets need to cool off before advancing further. So bearing in mind the RSI divergences and the bearish pattern, I have decided to risk a small amount.
Further, if this pattern plays out, it will likely bring crypto down with it.
Ideally, I’d prefer to see a clean double top develop before committing more exposure on the short side.
📊 Trade Plan:
Entry: 6 633.7
Stop Loss: 6 648.7
Take Profit: Not predefined (will target structural support levels highlighted on the chart)
🙏 Thanks for checking out my post!
Make sure to follow me to catch the next idea and please share your thoughts – I’d like to hear if anyone else is trading this pattern or if you have any tips on how to trade it.
📌 Please note:
This is not financial advice. This content is to track my trading journey.
🧐 Market Overview:
I’ve been closely tracking the rising wedge forming on the 1 hour chart. While this isn’t a pattern I normally trade, the structure caught my attention, and I decided to expose a small amount of risk.
Rising wedges are generally bearish in nature - they don't always have to be though. If I zoom out, markets are over bought on the RSI and there are rsi divergences on multiple timeframes. This is one signal that markets need to cool off before advancing further. So bearing in mind the RSI divergences and the bearish pattern, I have decided to risk a small amount.
Further, if this pattern plays out, it will likely bring crypto down with it.
Ideally, I’d prefer to see a clean double top develop before committing more exposure on the short side.
📊 Trade Plan:
Entry: 6 633.7
Stop Loss: 6 648.7
Take Profit: Not predefined (will target structural support levels highlighted on the chart)
🙏 Thanks for checking out my post!
Make sure to follow me to catch the next idea and please share your thoughts – I’d like to hear if anyone else is trading this pattern or if you have any tips on how to trade it.
📌 Please note:
This is not financial advice. This content is to track my trading journey.
交易進行
Short opened at 6 633.7.交易結束：目標達成
Took 50% profits yesterday during the drop, even though it did not reach my TP level.Closing the other 50% of trade at BE.
Surprised how quickly the market rallied back up.
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