Hello! I've been looking at the BTT 1-D Chart and saw this massive break-out of a falling wedge in may after a long correction. There had however been 2 falling wedges earlier with a break out of 2 "false" resistance lines. If I had traded the break-out of both of these, the trade would have likely ended in a loss. The 3rd and final break-out of the "final" resinstance line of the wedge, would have been very profitable, depending on the exiting strategy.
My question would now be: When do I know the lines are final? Which additional means do I have to know that the correction is over and to increase my chances that the lines I've drawn are correct? Fib levels or wave-counts? How does a professional trade this pattern while its in the making to avoid unneccessary losses?
Thanks for any help!
My question would now be: When do I know the lines are final? Which additional means do I have to know that the correction is over and to increase my chances that the lines I've drawn are correct? Fib levels or wave-counts? How does a professional trade this pattern while its in the making to avoid unneccessary losses?
Thanks for any help!