Here's an example of an ascending broadening wedge on monthly that broke up (52% chance down, 48% chance up). The breakout has been propelled by two consecutive high, tight flags (HFT) on weekly. PT for wedge is 140.
The textbook PT for HFT is half of pole length added to bottom of the "flag" (HFTs need not actually form a true flag, pennant, or any recognizable pattern). Depending on overall market and sector, you may increase the risk profile by using ¾ or whole pole length, and adding it to breakout level instead. That's why I put 105-140PT. The more aggressive PT would also coincide with wedge PT.
Though, in this case, bc of overall market and sector weakness, I'm tentatively leaning somewhere towards the lower-mid area (avg of wedge PT and textbook HFT PT is ~123, ±9 for deviation) to exit remainder of my position. They say to let your runners run, and that's super solid for maximizing gains. But there's a balance somewhere to be found between letting them run and not being too greedy/risky by wanting to capture all possible profit amongst potentially large headwinds.
Will keep on radar to re-enter after overall market stabilizes somewhere south. If it continues higher for whatever reason before then, I'm ok with walking away or waiting.
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