Can't say that will happen but it is very possible. I can say that usually in these patterns before a sell off, a move up to the middle of the wedge happens first, especially after 5 touch points, and then breaks down hard. Sometimes you need to look outside the box to get a clearer picture. The reason I'd cross off that scenario is because of the way the rest of the market is looking. It could still touch the top of the ascending broadening wedge if it wanted to without it being weird, but I doubt it. Now the million dollar question: Which way? To be honest I really don't know. It almost looks like its funneling in between them getting ready for a pop. We are above the 200MA but right at the heart line of the descending channel. I also don't like how the volume is fading out as were moving towards key resistance areas at the 20MA and 50MA because you always need good volume to break these areas. ![]() (bearish) We also see a little descending channel from the top to the bottom of the wedge. The only problem I see at this time is the clear ascending broadening wedge that is forming. Starting from when ICX broke down out of the bearish diamond continuation, it has rallied very well. Please see Risk Warning and Disclosure for more details.Ĭustomers must be at least 18 years old to use EMPEROR Xpro's services.ICX hasn't look too bad against BTC lately, but that may change soon: Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. You could lose some or all of your initial investment do not invest money that you cannot afford to lose. Leverage creates additional risk and loss exposure.īefore you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. Risk Warning:Trading in FOREX, Bullion and CFDs carries a high level of risk that may not be suitable for all investors. Any indication of past performance or simulated past performance included in advertisements published by EMXPRO Limited is not a reliable indicator of future results. 25592 BC 2019.ĮMXpro Limited does not provided services for the residents of certain jurisdictions such as Afghanistan, Japan, the United States of America, the Islamic Republic of Iran, North Korean, and some other regions or jurisdictions where such distribution or use would be contrary to those local laws or regulations.ĭisclaimer: The content of this website is for information purposes only and it is not intended as a recommendation or advice. Vincent and the Grenadines incorporated company Business Company Registration No. The website is operated by EMXPRO Limited a St. A third wave is formed afterwards but buyers lose control again after the formation of new highest points.ĭuring the formation of an ascending broadening wedge, volumes do not behave in any particular way but they increase strongly when the support line breaks. A second wave of increase then occurs with more magnitude, signalling the loss of buyers' control after a new highest point. ![]() The lowest point reached during the first correction on the ascending broadening wedge’s support line forms the support. The buyers manage to make the price rebound on the support line but lose control after the formation of a new highest point. The divergence of the two lines in the same direction (increase in price magnitude) informs us that the price continues to increase with movements that are increasingly high in magnitude. This implies that the ascending broadening wedge pattern is considered valid if the price touches the support line at least 3 times and the resistance line twice (or the support line at least twice and the resistance line 3 times).Īn ascending broadening wedge does not mark the exhaustion of the buying current, but the sellers’ ambition to take control. NB: a line is said to be "valid" if the price line touches the support or resistance at least 3 times. The upper line is the resistance line the lower line is the support line.Įach of these lines must have been touched at least twice to validate the pattern. ![]() It is formed by two diverging bullish lines.Īn ascending broadening wedge is confirmed/valid if it has good oscillation between the two upward lines. An ascending broadening wedge is a bearish chart pattern (said to be a reversal pattern).
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