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Monday morning Falling Wedges 042009


Nice setup for small TF falling wedge within the larger TF falling wedge. Note how
nicely our indicators aided us in locating a nice tight entry. This is a case of
combining non indicator and indicator based trading, imho.



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Heres an update.

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Further update (after opening).
Something Ive learned thru the years is that even the great looking setups can fail. Price will go where it goes. The one thing that does occur a great deal, even with failing setups, is that at least the counter trend move we hope for will yield a tradable correction, and these are often some form of an a-b-c move (thats why a MM tool if thrown on for a guide). As Im writing this we could have already broken support and negated our falling wedge patterns of earlier. Ill know shortly after posting. The included chart shows how price reacted following the MM up (leg c of correction).


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Ninja, it is a lot better with the charts posted below each other this way, as per DT's suggestion. Thanks. Still enjoying the work.