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: www.babypips.com/for.../Descending_Triangle
Read more about Crab patterns: www.trade-forex-harm...om/crab-pattern.html
Read more about Gartley Patterns: www.harmonictrader.c..._patternsgartley.htm
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: www.babypips.com/for.../Descending_Triangle
Read more about Crab patterns: www.trade-forex-harm...om/crab-pattern.html
Read more about Gartley Patterns: www.harmonictrader.c..._patternsgartley.htm
