Discover the Winning Trade That Earned Traders Over $500 in Profits — and Learn How You Can Cash In on the Action! (Falling Wedge Pattern)
pay close attention to #4 How you can benefit from future trades on this Chart pattern?
Traders who placed a trade on discovering the breakout of this Falling Wedge Pattern raked a good amount of profits, particularly, traders who took the long position and held for a period of 10 hours.
You can as well benefit from a similar Chart pattern, How?
Well going forward, The breakout pattern appeared at around 12 noon in the 4 hours timeframe ( GAL/USDT trading pair on Binance ).
probably, at a time you weren’t sitting and observing the market.
Going long (buying) with ~1000 USDT at a price of 1.351 USDT and a 1:3 risk-to-reward ratio, a target price of 1.504 USDT, and a stop loss price of 1.301 USDT.
This overall trade resulted in a profitable trade of about 11.08% profit ( over $500 profit using 5x leverage).
Now, have you ever wondered why some traders dive headfirst into a particular chart pattern while others hang back, watching from the sidelines?
It’s a curious phenomenon that defies easy explanation.
However, if we dig deeper, we can uncover the motivations behind these divergent viewpoints and how they can benefit you.
So, let’s roll up our sleeves and explore this fascinating pattern together, as follows:
- Why did traders choose to enter the long position on this chart pattern?✅
- Why did some traders hold back on taking any position? ⭕
- Why some traders might have taken the short position on this chart pattern? ❌
- How you can benefit from future trades on this Chart pattern? ✅
1 — Why did traders choose to enter the long position on this chart pattern?
Amidst the flurry of trading activity, traders who saw green in their accounts might have been swayed by these compelling technical analysis data that bolstered their choice.
Trend: The perfect storm of technical indicators had formed — the 50-day and 200-day EMA had long converged, forming this pattern right at the pinnacle of a downtrend.
Though failing wedges typically emerge in the middle of an uptrend, this particular configuration served as a signal to enter a buy (long) position.”
MACD: At the crucial moment of taking the plunge into this trade at 1.351 USDT, the stars seemed to align perfectly.
The MACD and Signal lines had plunged below the zero line, only to cross paths again with the MACD line taking the lead. Adding to the optimism, the Histogram showed a gradual upward slant.
As if that weren’t enough, the price had just broken above the trend line, beckoning traders to take a bold buy (long) position.
RSI: The RSI value (36.72, 34.02) was a little above the oversold range of 30–0, but the price hadn’t quite hit the 50 mark yet.
This means it is still a good time to buy if you’re looking to make a move.
Bitcoin Impression: Bitcoin has been the boss of the crypto world for a while now.
Its price movements often dictate the direction of the overall market. Currently, BTC is on the rise, slowly but steadily approaching the 25,000 USDT resistance level.
This suggests that it might be a good time to buy and make some profit.
2 — Why did some traders hold back on taking any position?
- Although uncovering a picture-perfect chart pattern is not always the case for most traders, perhaps some traders held back because they were not so much convinced about the clarity of this wedge pattern.
- some may have also confused it for a channel-down pattern ( in which case, serves the same purpose, as they are indicative of an upward reversal of price).
- Generally, a variety of other reasons, such as uncertainty about market conditions, lack of clarity about future trends, or most importantly, they didn’t just know about the “charting” and chart patterns.
3 — Why some traders might have taken the short position on this chart pattern?
lack of basic trading knowledge, FOMO (Fear of Missing Out), and impatience, inability to read or uncover profitable chart patterns, can serve as pointers to why some traders may have taken a short position.
Particularly on impatience, traders who are impatient and want to see results quickly may experience FOMO when a trade is taking too long to generate profits.
They may exit the trade quickly to avoid missing out on other potential opportunities.
4 — How you can benefit from future trades on this Chart pattern?
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conclusion
If you’re looking to make smart investment decisions with Chart Patterns, there are two powerful tools you shouldn’t overlook: technical analysis and fundamental analysis.
While both approaches can provide valuable insights, it’s particularly crucial to complement any chart pattern with solid technical analysis data. So, whether you’re a seasoned trader or just starting out, don’t forget to harness the power of both methods to boost your chances of success in the market!
At YellowPips Club, you will Discover, Learn, and Trade Profitable Chart Patterns in the Cryptocurrency Market. Fully backed by technical and fundamental analysis data.
Disclaimer: For the purpose of this review, an investment valuation of 1000 dollars and a leverage of 5x was used. Trades must not be make with same value or leverage… values of 5,10,20,25,50,100, …dollars can be used.
This is determined greatly on what a trader wishes to invest. Valuations equal to or less than 100 dollars are encouraged for most day traders, and beginner traders.
