I have taken the unusual step of moving my stop away from the price action i this trade. The original rising wedge is still technically holding but the price continues to rise. This price action is not being backed up by the indicators and whilst price is the most important factor, I have decided to move my stop to just above the point where the rising wedge lines cross. That, for me, is where the point of maximum resistance should be and I am therefore taking the view that If the price breaks through that...I'm out!.
Many traders will tell you that "moving your stop" is a cardinal sin and in general, I agree with that sentiment. However, I can count on one hand the number of times I have moved my stop away from the price and therefore increased my risk amount but, in this instance, I am happy to do so.
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