XVGUSD I was long a few days ago and I closed out the trade with a very small profit. I closed because the lower line of the wedge was support then became resistance . Now once again it has become support as we approach the apex of the wedge. Now is a good time to get long with stop at 0.15 below the previous spike low. Alternative trade is as per the diagram above: Wait for price to establish itself along the new lower wedge floor. This is parallel to the previous one. Then enter long with a stop below the previous spike low. This may follow AB=CD pattern. D is the estimated take profit price and time. To see another example of this look at my currently open ETHUSD trade. You can see how precise this has been
You only had 45 minutes to get into the position yesterday. If you did not get in you may get a second chance in the next 2 hours. Stop management per the chart,
a1Keith
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The D point is the target in price and time. but I am looking for a spike low at C to get long
Updated parallelogram.
I noticed that many charts have a potential for large moves around January 9, midnight New York time.