ninjabenja
Short

Descending Triangle, Weak Gartley combo, 4 Hr

BITSTAMP:BTCUSD   Bitcoin / 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/Descending_Triangle#ixzz39aWp4YH4

Read more about Crab patterns: http://www.trade-forex-harmonic-patterns.com/crab-pattern.html

Read more about Gartley Patterns: http://www.harmonictrader.com/price_patternsgartley.htm
Just an update on the the trade management side:
snapshot
Reply
snapshot


Seems more like a bullish pennant on the 4h scale..
Reply
ninjabenja PRO 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.
Reply
ninjabenja PRO LastBattle
snapshot
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out