After a long bullish trend we are starting to see signs of a reversal.
I noticed a bearish wedge pattern beginning to form.
So far, we have broken out of the pattern and managed to retest - to some extent.
I have set the entry at a level where resistance had turned into support.
I have set the stop loss at a level where support turned into resistance.
If this level is broken then I believe that the pattern is no longer valid.
The take profit has been set at a level where there was previous resistance and that was broken.
I noticed a bearish wedge pattern beginning to form.
So far, we have broken out of the pattern and managed to retest - to some extent.
I have set the entry at a level where resistance had turned into support.
I have set the stop loss at a level where support turned into resistance.
If this level is broken then I believe that the pattern is no longer valid.
The take profit has been set at a level where there was previous resistance and that was broken.