SPY expanded visuals on previous post (Ascending Wedge)
So i decided to expand upon my previous post which ill link in this one and this one in the other, so regardless if this pans out or not, for educational purposes. this would be the way to play this type of set up. imo
not all flags, pennants, wedges, triangles are created equal. there is A+ B+ C+ and D+ patterns. factors depend on things like volume, volume increasing at the right times and decreasing at the right times (ie. in a bull flag decreasing volume on the pull backs and increased volume on the break is an example) (example 2- on an ascending triangle *bullish* on higher time frames, to much "white" isnt the greatest, the more times it hits resistance the greater the break out potentially) *white*= the white space in between resistance taps.
often times when the intial break out happens, it goes back up for the retest. stop loss would be where it would break out and make this invalid, depending on risk or preference you dont have to put the stop EXACTLY on the level as false breaks could stop you out, but i digress, different traders tweak little tings to their style and preferences.
TP 1 is the blue (4hr) support zone. second is the purple (1hr support zone). how did i get these levels? the measured move. where take the low to the high from the beginning of the wedge. and put that at the break out of the wedge. and it just so happens to go to those support levels ive had up for days. anyway just wanted to post so i could share a concise and consolidated explanation with visuals. Happy Trading! Cheers.
not all flags, pennants, wedges, triangles are created equal. there is A+ B+ C+ and D+ patterns. factors depend on things like volume, volume increasing at the right times and decreasing at the right times (ie. in a bull flag decreasing volume on the pull backs and increased volume on the break is an example) (example 2- on an ascending triangle *bullish* on higher time frames, to much "white" isnt the greatest, the more times it hits resistance the greater the break out potentially) *white*= the white space in between resistance taps.
often times when the intial break out happens, it goes back up for the retest. stop loss would be where it would break out and make this invalid, depending on risk or preference you dont have to put the stop EXACTLY on the level as false breaks could stop you out, but i digress, different traders tweak little tings to their style and preferences.
TP 1 is the blue (4hr) support zone. second is the purple (1hr support zone). how did i get these levels? the measured move. where take the low to the high from the beginning of the wedge. and put that at the break out of the wedge. and it just so happens to go to those support levels ive had up for days. anyway just wanted to post so i could share a concise and consolidated explanation with visuals. Happy Trading! Cheers.
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