Looking for buys if it breaks the small falling wedge pattern. On the other hand if it drops down and corrects, I'll be looking for sell setups. Once the week progresses will update my view/trade on it.
Being patient is something I struggled with in the beginning, but failure is life's best lesson if you have truly learnt from it. Be patient and wait for your setups.
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Cleaner updated chart to see clearer what price is currently doing.
Hello Sir. What are your current views on this? It broke the leading diagonal to the downside, but it also broke the wedge to the upside. Maybe it it just consolidating around the bottom trend line of the diagonal and getting ready for a downward movement, now.
I would appreciate your opinion. Thank you !
StellarKK
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@Nicemate, first of all sorry for the late reply, been a busy week... I agree with your opinion on that down move. Sometimes structure changes and so charts need to be updated (please see updated idea after). The falling wedge was based on a smaller TF analysis and my setup didn't occur for any buy trades based on what happened. However I feel there's a move to the downside coming REAL SOON!! The falling wedge was merely impulsive (on a higher TF) and now price is correcting before another move down. Waiting for more confirmation before taking the trade. As you said it's consolidating at the bottom TL before making a move down....
I'll also be looking at the structure/pattern forming when price heads down to the bigger down channel it was in, and how price reacts there. Hope this helps.
Be patient and wait for your setups. Trust the process.
I would appreciate your opinion. Thank you !