Rising wedge?

• 19 February 2019

• #1

BlindSquirrel

Joined

31 March 2017

Posts

261

Reactions

209

I should be taking the bearish side in this one, yes?

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)

 

• 19 February 2019

• #2

tech/a

No Ordinary Duck

Joined

14 October 2004

Posts

20,513

Reactions

6,755

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.

 

• 19 February 2019

• #3

BlindSquirrel

Joined

31 March 2017

Posts

261

Reactions

209

result?
Yep.

(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)

 

• 19 February 2019

• #4

tech/a

No Ordinary Duck

Joined

14 October 2004

Posts

20,513

Reactions

6,755

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.

 

• 19 February 2019

• #5

BlindSquirrel

Joined

31 March 2017

Posts

261

Reactions

209

Thanks tech/a