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Rising wedge?

Discussion in 'Beginner's Lounge' started by BlindSquirrel, Feb 19, 2019.

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  1. BlindSquirrel

    BlindSquirrel

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    I should be taking the bearish side in this one, yes?
    upload_2019-2-19_11-40-5.png
    I seem to keep having a problem where the price kisses my stop loss then goes the way I foresaw previously...

    Current stop is around 1326. Is the resistance line expected to impact it at all?

    I've omitted the indicators I'm using (MACD & KDJ)
     
  2. tech/a

    tech/a No Ordinary Duck

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    Yes
    And possibly.

    I would like to see the wedge more to 45% or a little more.
    I question the value of oscillators in discretionary trading
    if shorter term.
     
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  3. BlindSquirrel

    BlindSquirrel

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    result?
    Yep.
    upload_2019-2-19_13-1-21.png
    (mindful of correlation vs causation n'at)

    Follow-up question: Is there a general consensus on how far away should I put the target? I had it set to just above the next support line and it got smashed through.

    (Thank you for your answer btw)
     
  4. tech/a

    tech/a No Ordinary Duck

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    There are a couple
    (1) The Base of the wedge as in the Left side
    (2) The largest distance between a trough and peak.
    (3) Nearest support or resistance (But could be a longer time frame to get there.)

    All taken from the point of breakout.
     
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  5. BlindSquirrel

    BlindSquirrel

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    Thanks tech/a
     
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