So traders should identify the presence of an uptrend to validate the pattern.Ģ. Current Trend: The pattern forms at the top of an uptrend, so there should be an established uptrend already in place.
RISING WEDGE BULLISH BREAKOUT HOW TO
The technical chart pattern can be traded successfully by technical analysis and with pattern guidelines.īack to top How to Trade Rising Wedge Pattern In An Uptrend – Reversal Patternġ. The Rising Wedge pattern in an uptrend indicates a price reversal, while the formation of the pattern in a downtrend indicates a continuation of the trend. The Rising Wedge pattern is a bearish chart pattern and consists of the following components. And a series of higher lows and higher highs, which continuously contract.
The pattern can be easily identified due to the structure of the pattern so it is easily tradeable by new forex traders.
The pattern occurs in all intraday time frames and the daily, weekly, and monthly price charts and is a BEARISH chart pattern.
RISING WEDGE BULLISH BREAKOUT SOFTWARE
The pattern is used by automated chart pattern scanning software for easy identification. As a result, forex traders can successfully SELL according to the rising wedge pattern. The pattern is found occasionally and is completely tradeable as it provides the best entry point, stop loss, and takes profit levels. The rising wedge pattern is both a continuation pattern and a reversal chart pattern, based on the location of its appearance within a trend.
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