ETHUSD, wedge pattern is forming after significant drop in price

2 Mac 2020

Hi guys, I love trading wedges and another one is forming in ETHUSDT chart. So conditions for this set up will remain the same as in my previous posts. What I am looking for is for the wedge resistance or support line to get broken before entering. If resistance is broken first, I will assume that it is a fake breakout and I would like for the green candle to close above resistance (or very close to it), and enter the trade after first red candle forms. If support is broken first, then I will initiate short bets when red candle closes bellow it. So, as soon as one of my conditions are met, I will buy some red candle options (max 10) . My rules are the same as before:

If you have questions about candle color options or wish to discuss trading strategies in real time, join - candle color options - chat, right here on tradingview.

Rules:

7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.

8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.

9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).


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2 Mac 2020

Nota

Green candle crossed and closed near resistance line, so now I will wait for the first red candle and then start placing trades that most of the next 10 candles will be red.

2 Mac 2020

Dagangan aktif

First red candle formed after break through resistance line. I will start my trading session according to the rules outlined in my post.

2 Mac 2020

Dagangan ditutup: hentian tercapai

Price started to move sideways, so will abandon this session according to my rules.