We have a Rising Wedge possibly nearing break on ADAUSD pairing on the 4HR chart.
This shows a down move is likely, and after a reak we can expect the height of the pattern as our move.
Multiply this by our chances of actually reaching that target (0.63 or 63%) to get our actual TP point.
Entry: After close beyond pattern , or for fully confirmed wait for a full bar to open and close beyond the pattern.
TP: 0.0305949 * 0.63 = 0.019274787 from break point.
SL: Previous swing high point or around 0.01142
R/R: ~2.1-2.4 depending on entry point.
Pattern info: thepatternsite.com/risewedge.html
This shows a down move is likely, and after a reak we can expect the height of the pattern as our move.
Multiply this by our chances of actually reaching that target (0.63 or 63%) to get our actual TP point.
Entry: After close beyond pattern , or for fully confirmed wait for a full bar to open and close beyond the pattern.
TP: 0.0305949 * 0.63 = 0.019274787 from break point.
SL: Previous swing high point or around 0.01142
R/R: ~2.1-2.4 depending on entry point.
Pattern info: thepatternsite.com/risewedge.html
Trade active:
Entry: ~0.106011
Comment:
Moving SL to break-even point + a few points for profit.