Hello Traders,
Yesterday I shared a short setup on the Dow Jones using the rising wedge pattern. I entered at 46,267 and exited with a small profit at 46,179. I exited because I did not like the reaction at that level and anticipating a better entry.
Today, I’m looking to re-enter if price reaches 46,343, which could form a potential double top on the chart.
🧐 Market Overview:
Rising wedges generally act as bearish reversal patterns, that said, the broader market remains bullish following the FOMC, so I’ll be risking less and proceeding with caution.
However, the VIX has been sitting near multi-month lows, which often precedes sharp moves. If volatility picks up post-FOMC, rising wedge patterns could act as early warning signs of a pullback.
So I am willing to risk a small amount and potentially be rewarded BIG!
📊 Trade Plan:
Risk/Reward: 6.7
Entry: 46,343
Stop Loss: 46,539
Take Profit 1 (50%): 45,000
Take Profit 2 (50%): 45,000
Also, if this plays out, I expect NAS and S&P to fall too which will likely drag crypto with it.
Thanks for checking out my post!
I would love to hear if you have any rising wedge trading tips? And if you are trading the Dow Jones or S&P today?
Please note: This is not financial advice. This content is to track my trading journey and for educational purposes only.
Yesterday I shared a short setup on the Dow Jones using the rising wedge pattern. I entered at 46,267 and exited with a small profit at 46,179. I exited because I did not like the reaction at that level and anticipating a better entry.
Today, I’m looking to re-enter if price reaches 46,343, which could form a potential double top on the chart.
🧐 Market Overview:
Rising wedges generally act as bearish reversal patterns, that said, the broader market remains bullish following the FOMC, so I’ll be risking less and proceeding with caution.
However, the VIX has been sitting near multi-month lows, which often precedes sharp moves. If volatility picks up post-FOMC, rising wedge patterns could act as early warning signs of a pullback.
So I am willing to risk a small amount and potentially be rewarded BIG!
📊 Trade Plan:
Risk/Reward: 6.7
Entry: 46,343
Stop Loss: 46,539
Take Profit 1 (50%): 45,000
Take Profit 2 (50%): 45,000
Also, if this plays out, I expect NAS and S&P to fall too which will likely drag crypto with it.
Thanks for checking out my post!
I would love to hear if you have any rising wedge trading tips? And if you are trading the Dow Jones or S&P today?
Please note: This is not financial advice. This content is to track my trading journey and for educational purposes only.
トレード稼働中
Opened 50% of short position. Will scale remaining 50% at 46 375, if it gets there.
Wasn't expecting bears to be so strong at the open... thats why I only opened 50% of my planned position.
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免責事項
これらの情報および投稿は、TradingViewが提供または保証する金融、投資、取引、またはその他の種類のアドバイスや推奨を意図したものではなく、またそのようなものでもありません。詳しくは利用規約をご覧ください。