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Rising wedge

Rising wedge Opportunities often arise when things look bleak. Day Trading can be very rewarding if you know what patterns to look for on a candlestick chart. Rising wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias.

Even though this article will focus on the rising wedge as a reversal pattern, the pattern can also fit into the continuation category. As a continuation pattern, the rising wedge will still slope up, but the slope will be against the prevailing downtrend. As a reversal pattern, the rising wedge will slope up and with the prevailing trend. Regardless of the type (reversal or continuation), rising wedges are bearish.

  1. Prior trend

    : In order to qualify as a reversal pattern, there must be a prior trend to reverse. The pattern usually forms over a 3-6 month period and can mark an intermediate or long-term trend reversal. Sometimes the current trend is totally contained within the rising wedge; other times the pattern will form after an extended advance.


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  1. Upper resistance line

    : It takes at least two reaction highs to form the upper resistance line, ideally three. Each reaction high should be higher than the previous high.
  2. Lower support line

    : At least two reaction lows are required to form the lower support line. Each reaction low should be higher than the previous low.
  3. Contraction

    : The upper resistance line and lower support line converge as the pattern matures. The advances from the reaction lows (lower support line) become shorter and shorter, which makes the rallies unconvincing. This creates an upper resistance line that fails to keep pace with the slope of the lower support line and indicates a supply overhang as prices increase.
  4. Support break

    : Bearish confirmation of the rising wedge pattern does not come until the support line is broken in a convincing fashion. It is sometimes prudent to wait for a break of the previous reaction low. Once support is broken, there can sometimes be a reaction rally to test the newfound resistance level.
  5. Volume

    : Ideally, volume will decline as prices rise and the wedge evolves. An expansion of volume on the support line break can be taken as bearish confirmation.
The rising wedge can be one of the most difficult chart patterns to accurately recognize and trade. While it is a consolidation formation, the loss of upside momentum on each successive high gives the pattern its bearish bias. However, the series of higher highs and higher lows keeps the trend inherently bullish. The final break of support indicates that the forces of supply have finally won out and lower prices are likely. There are no measuring techniques to estimate the decline - other aspects of technical analysis should be employed to forecast price targets.
  1. Spot the rising wedge while it is still in formation. A rising wedge is characterized by higher lows and higher highs, and should mark the top of the current uptrend. Even though prices continue to rise higher throughout the formation of the pattern, it is still considered a bearish pattern. On the chart, I have outlined the rising wedge with two yellow lines.
  2. Once you have spotted the rising wedge, you will be looking to enter a short position once the wedge breaks down. Wait until a candlestick closes outside of the lower rising trendline before entering your trade. Make sure that the volume is strong on the breakdown or the pattern could fail. On the chart, I placed a white circle around the candle that broke down out of the pattern as well as a white circle around the surge in volume.
  3. Technical analysis is not always 100% accurate, so it is important to place a stop loss in case the rising wedge pattern fails. I would recommend placing a stop loss just above the lower rising trendline of the rising wedge in case price moves back into the wedge. If this occurs, the pattern has failed.
  4. Once your trade is entered and your stop loss is set, you have to decide when and how much profit to take out of the trade. Like most other patterns, the target price of the breakdown can be calculated. Subtract the height of the pattern from the breakdown level, and that will give you the target price of the breakdown. Draw a vertical blue line that represents the height of the pattern, and a horizontal blue line that represents the target price when the height of the pattern is applied to the breakdown level. Once the target price is met, exit the trade, and begin looking for the next trade.

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    Every image pinned to a Board has a link back to its original published source. These are valuable backlinks and can provide referral traffic as well. Capitalize on this. Posting your product and service images and videos is a great place to start. However, keep in mind that it's important to avoid being blatantly self-promotional - remember to provide value to your audience by sharing quality content that is relevant to their interests and worth liking, commenting on, and re-pinning.

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