ninjabenja
Short

Descending Triangle, Weak Gartley combo, 4 Hr

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This descending triangle is always a bearish pattern , indicating a strong sell signal. Here we see it paired with either a "weak" Gartley or Crab advanced pattern . Technically it's a failed gartley . I call it weak, because the 'B' point retracement of XA doesn't reach the .618 fib levels. To be fair this has more of a potential for the Crab pattern , which would make the floating 'B' point valid and would also corroborate with our Larger Gartley pattern on the daily chart .

I *may* have helped push this up and out of the descending triangle after we bounced on the blue .618 fib line. A large enough buy at the right times can do that. Considering that I was heading out of town for four days of backpacking off the grid; the failed break out was a signal that I didn't want to have open short positions of substantial size left unattended. Likely it would have continued sideways regardless but the end result remains the same.

Read more about descending triangles: http://www.babypips.com/forexpedia/Desce...

Read more about Crab patterns: http://www.trade-forex-harmonic-patterns...

Read more about Gartley Patterns: http://www.harmonictrader.com/price_patt...
Just an update on the the trade management side:
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Seems more like a bullish pennant on the 4h scale..
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ninjabenja LastBattle
A Pennant (Bullish) follows a steep, or nearly vertical rise in price action. The four hour chart does agree with much I'd say, but that's where it ends for the pennant unfortunately. Unlike a descending triangle which will see price establish a "bottom", the bullish pennant consists of two converging trendlines that form a narrow, tapering flag shape. The Pennant shape generally appears as a horizontal (symmetrical) shape, rather than one with a downtrend or uptrend.
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ninjabenja LastBattle
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