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Hello, Please let me know if this is the right way to draw a wedge. Thanks
Maybe this is the better way to make the chart. Please let me know. Thanks
New to this, so could be wrong, but I think the wedge is here.
Hi Anthony,
I like your second one more than the first. The wedges that will help you find a trade will be those with legs that go up and down far enough to facilitate two sided trading and have legs that are about similar in number of bars. More computers will take those as "swings of significance" so to speak. A wedge that's too tight (like the one in your chart pretty much) doesn't really provide much room for bulls to flex their muscles with stop orders. So even if there's a bull BO it's less likely to suddenly become a bull trend for a good swing. First it's more likely to develop into a broader CH/wedge with bigger legs before bulls consider entering for long term.
I would recommend to purchase The Encyclopedia as it contains hundreds of slides with examples of wedges.
Hope this helps,
CH
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Thank you so much CH and David
