Wedge breaks are simple trades that can go either way. Good because they are reliable and force the trader to wait for the move.
Market or Stock gap is not required.
Looking for a wedge to form at any time but preferably before 11 AM with at least 80K per minute volume to get the best move.
Draw the wedge in and adjust the drawing as it develops.
You want at least 5 candles at a minimum, preferably more. Generally the more candles in the wedge the better , 10-20 candle wedges are nice.
Take note of the stock and market direction & location.
Indicators: 9 ema, 20 sma, VWAP, take note at what's above or below these indicators for a hint of which way it might go.
Note the volume, more green or red volume bars or higher green or red volume bars for a hint of which way it might go.
Entry: enter on a strong bar break of the wedge in either direction with a stop loss on the other side of the wedge at the entry bar.
You may want to set orders on both sides so you don't miss it. Stocks may explode quickly out of a wedge.
Beware of the "pop & drop" or "drop & pop". The is a quick pop or drop then the real sustained move in the other direction.
Target: Expect at least twice the height of the wedge.
Target 1: sell 1/2 position, at the height of the wedge.
Target 2: sell 1/4 position again at twice the height of the wedge, at the 9 ema or on a large spike move or at whole number.
Close Trade: the last 1/4 of your position closed out just outside the 9 ema or 20 sma.