Down Wedge in hour chart?

[live4pips]

Hey! Am I doing this right, I see this bullish wedge on my hourly chart. Please correct me if I am doing it wrong.

[markelshark]

It's not a very pretty wedge is it? I'd rather connect yesterday's highs with today's highs (top of the wicks) to form a nicer consolidation channel. Parallel lines are your friend

[live4pips]

Cool, will do! Kinda like this.

[markelshark]

Looks better! Two more (optional) tips:

1) Back your line up a little bit to just get the tips of the Dec 6th highs. This should make your lines more parallel. You might just cut off some of the Dec 7 tips but that is OK.

2) Some traders like to only connect resistance in a downtrend and support in an uptrend. In that case, your first chart could be considered valid.

[live4pips]

Cool deal Thanks. The first chart I think is more of a longer term thing maybe. Or not?

BTW! My wife and I are almost done with the chart pattern stuff I will sent it to you to give the ok, and then we can post it on the forum, maybe it will help some folks out.

[markelshark]

Well I look forward to see the candlestick stuff you come up with. Feel free to email it to admin AT piphut DOT com when you get a chance.

By the way - Cardinals, really? C'mon it's Packers all the way!

[live4pips]

It will be something that might be able to help us newbies, candlesticks are the only thing I have found that tell what's going on in the now. Patterns are not always right but I believe in them more than lagging indicators.

Cards all the way, five years ago I was spat on and ridiculed for loving the Cards ( LOL ) but now, hehehehe:)