![]() ![]() This is where the rising wedge forex pattern comes into play. However, selling at this point might be risky because lower prices may attract new buyers, causing the price to rise above support. Do not copy.Įven a little breach of the support can trigger a sharp drop as breakout traders enter a short position. You’ll know a price has reached a support zone when you see that the market hangs around an area where it has often turned around in the past.įrom there, wait until the support zone fails to hold. In short, a support is essentially a price zone below where the price has a difficult time falling. We have a separate guide that explains the principles of support and resistance if you don’t know what a support zone is. You want to ensure that your chosen currency pair (stick with significant pairs like EUR/USD, GBP/USD, and so on) reaches a key support zone. Rising wedge forex patterns can provide numerous possibilities to grab a few pips in a systematic and controlled manner.įor this strategy, you’ll need a short-term chart, such as the 5-minute or even the 1-minute. ![]() So, before you start chasing candles, be sure you have a plan. You know how the saying goes, failing to plan is planning to fail. Scalping Strategy: Grab a Few Pips from Panicking Traders We’re breaking down all the techniques in this post (so keep scrolling!). Position trading strategy: use the rising wedge to catch a major market reversal.Swing trading strategy: ride the downtrend. ![]()
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