Hello traders 🐺 .
in this idea ; I want to talk about the BAKE because when I opened up the chart , I realize a very interesting pattern , almost my favorite pattern to trade ( falling wedge ) so I decided to publish a new idea about the BAKE for you my friends so make sure to read this idea until to the end 🐺🙏 .
As you can see in the chart above , we can see a very clear falling wedge pattern which as you know , is the bullish pattern and the target of the falling wedge usually is top of the wedge but how we can trade it ?
in my opinion the best point to enter the long position or in the other word buy BAKE , is waiting for the break out from the wedge and close a weekly candle above the descending trend line of the wedge , because if you attention , you can realize that we had a fake out from the pattern in the weekly chart , so it means for us , that the best thing that we can do , is waiting for the weekly close above the wedge resistance trend line .
what is the price target of the falling wedge ?
As I mentioned in the beginning of the idea , the potential target of the falling wedge is the top of the wedge but remember that , for the changing the trend , price need to break above the previous high around the daily resistance box ( blue box ) , and if price success to hold above the blue box , we could expect a higher price targets for the BAKE
Thank you guys for reading my idea until to the end , don't forgot to share my idea among your friends and follow me for more support 🙏 .
in this idea ; I want to talk about the BAKE because when I opened up the chart , I realize a very interesting pattern , almost my favorite pattern to trade ( falling wedge ) so I decided to publish a new idea about the BAKE for you my friends so make sure to read this idea until to the end 🐺🙏 .
As you can see in the chart above , we can see a very clear falling wedge pattern which as you know , is the bullish pattern and the target of the falling wedge usually is top of the wedge but how we can trade it ?
in my opinion the best point to enter the long position or in the other word buy BAKE , is waiting for the break out from the wedge and close a weekly candle above the descending trend line of the wedge , because if you attention , you can realize that we had a fake out from the pattern in the weekly chart , so it means for us , that the best thing that we can do , is waiting for the weekly close above the wedge resistance trend line .
what is the price target of the falling wedge ?
As I mentioned in the beginning of the idea , the potential target of the falling wedge is the top of the wedge but remember that , for the changing the trend , price need to break above the previous high around the daily resistance box ( blue box ) , and if price success to hold above the blue box , we could expect a higher price targets for the BAKE
Thank you guys for reading my idea until to the end , don't forgot to share my idea among your friends and follow me for more support 🙏 .