When I saw a broadening wedge on lower time frame i wanted to make sure if this will be a valid pattern to trade on.
For the case of simplicity i compared it with a broadening wedge of 9-9-2020. It might also be relevant that we are looking low time frame. The lower the time frame the less I trust patterns.
The difference between both wedges is that the MACD en RSI structure are much different. As you can see, the RSI on the current wedge at the end is ascending and the one on 9-9 was descending. I normally don't trade on indicators, but let's find out if this is a valid signal. Thoughts are welcome! :-)
For the case of simplicity i compared it with a broadening wedge of 9-9-2020. It might also be relevant that we are looking low time frame. The lower the time frame the less I trust patterns.
The difference between both wedges is that the MACD en RSI structure are much different. As you can see, the RSI on the current wedge at the end is ascending and the one on 9-9 was descending. I normally don't trade on indicators, but let's find out if this is a valid signal. Thoughts are welcome! :-)