6E - Bull Wedge breakout on 15m

Selling pressure that began at close of market into afterhours built a falling wedge, hit the support and bounced from 38.2% retracement level from the low of 1.3 to previous high of 1.3266 as shown on 1h chart on right. In trading, the opportunity presents itself on the chart that gives you high probability to profit from, if you read the chart for proper technical analysis and execute. The analysis involved here includes the falling wedge pattern, positive divergence on 15m chart and the 38.2% Fib level.

6E - Bear Wedge break on 512tick chart

I have come to realize that keeping things simple can be the key to successful daytrading.  Of course there are a lot of things that need consideration when you're looking at the chart and analyzing, but when it comes to the bottom line, nothing beats keeping it simple. Take a look at this bear wedge on 512 tick chart, and understand how simple it can be to trade with simple setups like this. But I must admit, yes, it is not easy even though it looks easy, because you need to trust this setup, enter the trade and hold on for target - this trading action does require discipline and patience.  I said it was simple, not easy.

6E - Triangle / Falling Wedge

With few tools that are freely available on most charting software, nice setups like these can be found to help putting the odds in your favor. It is interesting that the same pattern is falling wedge on 3200 tick chart, while it is a channel on 15 minute chart.  However, the divergences on MACD is visible on both charts. Notice the Fibonacci levels that are observed on these moves.  The triangle pattern on the 1 hour chart on right shows the negative divergence on the early 2 peaks that begun to build the triangle pattern. So, the entire time it was being traded to build the triangle, which was some 20 hours, the direction it will break to has already been decided. Good to know.

6E - Rising Wedge target hit

Rising wedge that broke yesterday continued to descend another 100+ more ticks and hit the target today. When the chart was posted yesterday, it was at 1.3237.

6E - Rising Wedge break

This rising wedge that took almost a month to build broke today as you can see on the 4hour chart on left. 512tick chart on right shows some fibo levels in play. The topping pattern is a variation of double top with the lower middle as in M with multiple tops on each side. The negative divergence shown on MACD favors this setup. The break did happen with FOMC minutes release. Does that mean that the news caused it? Well, the pattern was being set up for almost a month. It is intriguing to see how that works.