Discussion: Triangles, Symmetrical! Identification Guidelines: Trading Tactics Link Prior analysis EURUSD 1. Breakout pattern 2. Pullback and confirmation ( Link: Textbook Encyclopedia of Chart Patterns 2Ed, page 748-764) Please support the setup with your likes, comments and by following on TradingView. Thanks
Can this triangle be wave 4 from the run down (from 1.25)? In that case we just finished wave 5. Than the retracement will go much higher than retesting the trendline. Not sure if we just finished wave 1 or wave 5
@DatTong,
Than we finished a complete wave and retracement should be aroun 0.5, 0.618 fiblevel right? In that case 1.18, 1.19 could be a possible target. What do you think?
DatTong
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@petaj, retracement is actually an A acting as an impulse wave. So whenever you count it's a complete impulse wave in smaller timeframe you know what to expect next. But the point is wave 5 could be extended as well, so if this correction is just an correction (not A impulse) there is likely another wave iii of extended wave V. So always prepare for any cases that may happen :)