A bullish wedge is what we can see here on the lower timeframe (1hr), I'm trading this as shown on the chart.
We see the price closing in what means the bears are losing control pushing the price down over the buying up from the bulls.
This can be traded on the breakout, but with a narrow wedge like this there is more chance missing the entry.
You could also watch for a price lower, the RSI is not oversold yet but that is just an indicator that would conform your entry on a support or resistance.
Notice that I'm regularly trading on closing wedges rather then breakout since I'm not a fulltime trader and can't watch over the markets all day everyday.
Also this would not be my trading style because I don't want to get emotional involved with the markets, my way of doing this is just to spot a pattern and stick to the plan.
Thanks for reading and have a good day!
Wesley
We see the price closing in what means the bears are losing control pushing the price down over the buying up from the bulls.
This can be traded on the breakout, but with a narrow wedge like this there is more chance missing the entry.
You could also watch for a price lower, the RSI is not oversold yet but that is just an indicator that would conform your entry on a support or resistance.
Notice that I'm regularly trading on closing wedges rather then breakout since I'm not a fulltime trader and can't watch over the markets all day everyday.
Also this would not be my trading style because I don't want to get emotional involved with the markets, my way of doing this is just to spot a pattern and stick to the plan.
Thanks for reading and have a good day!
Wesley
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Will check what happened later on!
