Xauusd ! Gold is broke rising wedge, short trade idea
The rising wedge — also called an ascending wedge — is a bearish reversal pattern. This means that after the pattern completes, you can expect the market to reverse direction.
Confirming rising wedge.
1. Choppy and overlapping waves
2. Higher highs and higher lows
3. An upward sloping resistance trend line
4. An upward sloping support trend line
5. Resistance and support trend lines that converge and intersect when extrapolated
Divergence with an Oscillator, Volume Tends to Fall,
Oscillator divergence is created when the price makes a higher high, yet the oscillator makes a lower high.
Price action
The price of gold has broken the 1800 support level and is looking to pullback. Wait for bearish momentum candles then go to open short.
Confirming rising wedge.
1. Choppy and overlapping waves
2. Higher highs and higher lows
3. An upward sloping resistance trend line
4. An upward sloping support trend line
5. Resistance and support trend lines that converge and intersect when extrapolated
Divergence with an Oscillator, Volume Tends to Fall,
Oscillator divergence is created when the price makes a higher high, yet the oscillator makes a lower high.
Price action
The price of gold has broken the 1800 support level and is looking to pullback. Wait for bearish momentum candles then go to open short.
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