Wedge Chart Patterns

Rising Wedge Pattern on #PG

Rising Wedge Pattern on #PG

Rising Wedge Pattern on #PG is a very telling pattern. Every trader should be aware of its significance. Because it’s just that simple. Let’s start.

The premise

I think that this is one of the most clean and clear pattern that a trader can see. Therefore is more than scholastic it’s just like those patterns that you see only in books. So, let’s see what this rising wedge on #PG (Procter & Gamble Co) is telling us? Well, there is only one significance of a rising wedge into an uptrend. Indeed, it’s a reversal pattern. Usually, a rising wedge is a continuation pattern, but only into a downtrend. When it appears at the end of an uptrend it is a reversal sign. That’s for sure.

Rising wedge pattern on PG daily chart

How did I trade the Rising Wedge Pattern on #PG

Now, I bet you’ll never guess how did I trade this rising wedge. Let me entertain you with this trade. So, even if I know very well the implication of this pattern I decided to think a bit about it. And, considering that the market is very bullish overall, I thought that this might be a bear trap. Keep in mind that I’m talking about the stock market from the end of January and the beginning of February 2020. And, guess what? I decided to place a buy stop order just slightly above the January 17th 2020 daily candle high. So, my buy order is open on February 2nd 2020.

The outcome

Now, after I shared with you all those informations, let’s see what happened with my trade. Let me tell you this. The price was reluctant to take off but I didn’t scared about it. As you know, sometimes the market take its time to do its thing. But, after just a week and a half, the price hit my stop loss order. Nothing very bad so far. It’s jus another small loss. But, there’s a big, very big problem. I never thought about a short trade. That’s because I was convinced that the market is too bullish. Let me show you what happened after my trade was closed.

The outcome of the rising wedge pattern on #PG daily chart

I really think that any other word is pointless.

The conclusion

The most important conclusion here’s to never try to outsmart the market. Also, you always need to be aware that you are a human. And even if you think you know what you should do in a certain situation, you might be surprised how your emotions or second thoughts can step in and control everything. And, before you know it, you’re in a situation that you never thought it was possible. I really think that you can learn something from my experience and you’ll be able to avoid all those painful experiences. Remember, you can always check my verified trading results here: Verified Trading Results of And, the most important: trade what you see, not what you think you see.

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