In trading a very imp level which is called Fibonacci levels,I don't know why they work but they work very well.In this graph we can see a yellow range which is 0.618 level at small time frame,a light blue range(0.5 fib) at LTF(large time frame,a dark blue(0.618) at LTF.
Now let's observe the falling wedge . First of all falling wedge means weakness in downtrend.In falling wedge the momentum of sellers must decrease then it is a right falling wedge but if you are drawing your imaginary falling wedge but the momentum of sellers is increasing and buyers are still weak at breakout so bro or sis you are wrong.
In this trade we have a 0.5 fib level as a strong support so we are not going to sell here in any condition because buyers are getting strength during formation of pattern.And after breakout entry taken.Now how to decide target ,first of all our target is PDH but it is too long for intraday and we know the value of fib level so 0.618 may be our target.
Hope this post will help you. This post is only for education purpose. Please ignore grammar mistakes 😊.
Now let's observe the falling wedge . First of all falling wedge means weakness in downtrend.In falling wedge the momentum of sellers must decrease then it is a right falling wedge but if you are drawing your imaginary falling wedge but the momentum of sellers is increasing and buyers are still weak at breakout so bro or sis you are wrong.
In this trade we have a 0.5 fib level as a strong support so we are not going to sell here in any condition because buyers are getting strength during formation of pattern.And after breakout entry taken.Now how to decide target ,first of all our target is PDH but it is too long for intraday and we know the value of fib level so 0.618 may be our target.
Hope this post will help you. This post is only for education purpose. Please ignore grammar mistakes 😊.