rising wedge - sell the breakout

2019年2月4日

hey traders,

let me share with you my thoughts concerning new zealand yen pair.

what we see on a chart is called a rising wedge,
what I like about this pair, it gives us clear evidence of weakening up movement.

If you focus on the initial bullish leg of this movement from 22 - 23 January and just compare the length of this impulse
with subsequent ones, you will notice that each and every subsequent impulse is shorter than the previous.


So the market is locked inside this rising wedge.
When I see this pattern on the market, I am waiting for a decent bearish violation of its support line, in order to sell the market.
75.5 is the level that you should focus your attention on.

If a breakout occurs, It will trigger a selling reaction and many traders will join the movement.

Targets are based on structure.

Good luck!

2019年2月4日

注释

one more test of the high

2019年2月5日

注释

Though we see a higher high
We are still waiting for a bearish breakout

2019年2月5日

注释

double top

2019年2月6日

注释

almost hit the initial target

2019年2月7日

交易结束：到达目标