Playing this triangle fakeout to a possible reversal point for bearish continuation. Will use a .12 Lot size for this trade.
This Long was entered at TL break but could come back to test a newly formed discount zone on the 5/15M; if the reversal point is correct then price could just climb straight there, form a small 5M structure to bounce off of, and we could flip our trade at TP2 to a Short and grab another 50 Pips or so safely.
Will be watching this and updating as needed.
Good Luck.
This Long was entered at TL break but could come back to test a newly formed discount zone on the 5/15M; if the reversal point is correct then price could just climb straight there, form a small 5M structure to bounce off of, and we could flip our trade at TP2 to a Short and grab another 50 Pips or so safely.
Will be watching this and updating as needed.
Good Luck.
Comment:
I determined target 1 by measuring the opening leg of the descending right angle triangle, find the lowest point following the swing high and place it there.
That produces a 1 to 1 measurement which is a normality when trading this continuation patterns. Some people know it as ABC, but I like 1 to 1 since its a description of measurement and not just a statement of concept.
This "triangle" operates just like a flag pattern when they occur within a bullish reversal confirmation, which is shown on my chart by the initial green line seemingly cutting through the middle of the beginning of the triangle. That was a bullish reversal confirmation. That is where the money is made, turn it upside down and use it for shorts as well. Change your life. 2% a day.
That produces a 1 to 1 measurement which is a normality when trading this continuation patterns. Some people know it as ABC, but I like 1 to 1 since its a description of measurement and not just a statement of concept.
This "triangle" operates just like a flag pattern when they occur within a bullish reversal confirmation, which is shown on my chart by the initial green line seemingly cutting through the middle of the beginning of the triangle. That was a bullish reversal confirmation. That is where the money is made, turn it upside down and use it for shorts as well. Change your life. 2% a day.
Comment:
Approaching Target 1, no stress Trade. Awesome.
Trade closed: target reached:
FREAKING SMASHED.
Good job. See yah tmr or next week. Cheers.
Good job. See yah tmr or next week. Cheers.
1) SMMA - 52 Period - source Close
2) SMA - 17 Period - source Close - smoothing SMA - 5 Period
This is standard across all my charts. I use these and a basic 80/20 RSI.