kresuk

Triangle consolidation

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
79 2 0
Break to the upside
Triangles are continuation patterns. The move preceding the triangle dictates the direction of the break. So, since the move before your triangle was down, the expected breakout direction should be down. Triangles also have 5 or 9 waves... not 6. I'm not saying that the price won't rise, just that if it does, then your triangle isn't really a triangle and more of a range bound consolidation.
Reply
RyNinDaCleM, tkanks for that explanation. Indeed, it doesn't work the way I was seeing it.
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out