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Descending Broadening Wedge

USD/JPY: ANALYSIS, POTENTIAL ADVANCE PATTERN, ADVANCE PATTERN,I suspect USDJPY has hit the double bottom of the previous low structure and has had a breakout to an extent, whereas we can see that this pair has been in the bear market for quite a while. The probability for the trend to create a new lower low is likely, however we can see that USDJPY is starting to consolidate with strong long positions. There has hardly been any pullback recently which is expected, I believe the pullback will not hit directly under previous structure low as the trend could be making a first higher low. My long term target point is around 113. point whereas my more of a short term target would be the start of 105. Opening point: 102.365 Target point 1: 105.115 Target point 2: 113.132 Exit point: 100.083
Long
by Exogenous
1
Nifty : Descending-Broadening Wedge Pattern , What Next ?Edit : Sorry about Line spacing, Don't know why there is too much space, checking with admins. This pattern brings up numerous questions about Nifty. Will Nifty raise till 8279 ? Will it break the wedge & move-up on breakout ? Will it retest upper trendline and return to retest lower wedge trendline ? For all these question its not right time to answer, only guess can be based on experience, which wont help much to figure out where to enter & where to exit. This Wedge pattern can breakout upside if Nifty goes on to 8279 and I will be entering long on pullback only not during breakout itself. ( Am conservative trader,not aggressive) If Nifty retests 8280's-8300's gives us triple-top I will short the market. For these to happen Nifty needs to break the resistance zone 8150's-8170's. If anyone wants to go long do only in 15min or 5 mins (take small trades only) based on your plan and entry rules bcos I won't suggest long here to ride till 8280's in Hourly timeframe. Happy Trading !
NSE:NIFTY
by InsiderB
8
EURCAD SYMMETRICAL TRIANGLE, BROADENING WEDGE, MOVING AVGEURCAD D1 Symmetrical Triangle, break out either direction Broadening Wedge Inside Triangle which usually Sells Off 55% (Bulkowski ) 100 and 200 ma crossing suggests Down Trend Right now price is stymied by 100ma on WK Volume needed to push lower. Price resistance above by 50 ma. Volume needed to move lower. Historically in downtrends price remains below 50ma giving more rise to short bias. Sell Signal: When Daily closes outside of trendline on triangle. I believe this price action is representative of the weekly changing trend direction and creating a new channel. Hence, the broadening wedge. She's most likely a sell at the appropriate time
Short
by dead2live
1
AUDNZD Long: Expanding Wedge Complete at Critical LevelGreetings traders! AUDNZD has reached an important level. The 4H shows a nice expanding triangle that may add support near a potential point E. On the daily chart, there is strong support from a parallel channel. In addition to this, we have two precisely confluent fib levels (1.272AB=CD and 1.5AB extension). Since I'm seeing some pin rejection at the base of the channel, a tight stop may be placed below the pins. If price makes new lows, it is time to re-evaluate. If not, it may be possible to catch a larger move toward the missed monthly pivot for June which would mean major pippage and a trade with great R/R. Bullish Confluence: Expanding wedge support 1D Parallel channel support RSI Oversold 3 missed pivots above price, including an unhit pivot for June Happy trading!
Long
by glennmercer
1
Aussie Long Set up to 0.807 and 0.89Price broke out from the falling wedge pattern on divergence (on lower TF chart). Yesterday's candlestick formed a doji and we can expect a dip to 0.7705, a preferred level to take long positions First target comes in at 0.807 Leave the second target to 0.89 (Long term, at least 2 months) and move to 0.78 when first target is reached. Advantages: Initial risk is for a rally to 0.807 On daily close above 0.781, move both trades to BE When trade 1 reaches TP, move trade 2 SL to 0.78 Collect +ve swaps as well Fundamental Risks: RBA could sit tight going forward on recent Q1 GDP print of 0.9% + better than expected jobs report FOMC next week see's no change but could maintain a hawkish view on rates USD likely to decline in the run up to rate hikes Dollar/10yr Treasury spread chart below shows a potential rally to 42, which if holds could see a renewed decline to the downside after a break of the rising trend line. Next support at 36 and then 31 if 42 forms resistance.
Long
by justatrader
Return to the breakdown zoneIt's hard to define exact levels of resistance around this area, but we seem to have a descending wedge into strong support here in the $210s, which should result in snap back up for a correction. After that is anyone's guess, but I'm still leaning toward a long term bear market. Given the oversold condition, I would say a snap back to the $240s is likely. There was a good breakdown trade opportunity at $235, but I missed it. That said, I think there will be more shorting opportunities in the future. Volume is nothing spectacular at this moment, so we should see a break in the selling soon.
BITFINEX:BTCUSDLong
by MoonTrader
11
GOLD MINING Itself To New Lows - XAU/USDAfter a big bearish run Gold found support at 1200.00 as far back as June 2013 and has since been stuck in a descending triangle. As price has been squeezed lower we saw a false breakout at the end of September 2014. Since this breakout we have seen price create this descending wedge. More recently price broke out of this wedge, retested the trend line, before continuing back down to hit support at 1200.00 yet again. However following Thursdays Non-Farm Payroll announcement, a breakout past the support occurred and was able to close below this level. A retest of the 1200.00 level as resistance would create a great entry to short this pair in a bearish continuation whilst the USD is still growing in strength...
FX:XAUUSDShort
by ForexVader
USDJPY Descending Wedge Into Previous StructureLooking at a long opportunity here on the USDJPY for a few reasons. The first is a retest of our previous outside return and the second is the descending wedge pattern that exist. I'm typically not a wedge, triangle, flag, or pennant trader, but I am a structure trader so when all the starts are in align I take it. SYNDICATE members I'm producing a video as we type with a more in depth look at the mindset behind this trade idea along with a few other setups as well.
Long
by Akil_Stokes
19