TF 1/29

TF Hourly

Pattern I'm looking to trade : Ascending Wedge (AW)
Since breakout of AW is usually on the downside, and given that TF has hit a strong resistance area, I'm inclined to believe that a downward breakout is more likely to happen than an upward breakout.

Volume has been trending downward in the current rally, which gives me more reason to believe that a downward breakout is probable

Plan A:
Entry:
On the hourly, it looks like TF could go up to test 475 again, forming what would be both a double top, and a partial rise pattern. If momentum is clearly downward, I will look to enter short after TF has formed another peak at around 475.

That would be the more aggressive play.

If I don't get a confirmation from any of the timeframes, I will look to short only after TF has closed below the uptrend line of the AW. If TF is going down right now, I'll look to short when it pulls back to the trendline.

I will be looking at the 1hr, 5min and 1min timeframe after market open

Exit:
Target 1: 459
Target 2: 450

Plan B:
Should TF close above 475, and momentum is clearly upward, I'll look to buy.
Exit targets will be 480 & 488

A possible entry for shorts at 469.5 on 30min chart: