olly_price
Short

HKDEUR descending triangle

FX_IDC:HKDEUR   HONG KONG DOLLAR / EURO
10 months ago
A nice descending triangle with 7 touch points. My backtesting has shown me that often the oscillations get closer as the triangle gets closer to its apex, and we see here that this behaviour is very strong.

The key here will be the open of next weeks trading, where we will see whether it will break above the descending line and ruin the triangle or if the market will start in a downtrend and move towards the support line.

If there is another move towards the support line I expect a break and will go short. (I am currently testing profit-taking at previous structural forms.)
10 months ago
Trade active
10 months ago
Comment: I expect a pull back before a downward move towards the target.
9 months ago
Trade closed: stop reached: Target just about missed and then rallied to the SL.
Tilsey PRO
8 months ago
Nice trades bro! I see you like the Triangles! I've never traded it before. But i'll have to check it out haha!
Reply
olly_price Tilsey
8 months ago
Thanks a lot mate. Yeah I love triangles! The way I decide on an entrance is if your time period closes outside of the triangle. You should give them a try man
Reply
Tilsey PRO
8 months ago
I see, so this trade you would've had to wait for that mother candle to close to enter! Taking a PT from the width of the triangle (1 - 2) placing stops above 7? That's my first vision on the triangle!
Reply
olly_price Tilsey
8 months ago
Yeah this trade would have had a really poor entrance point and didn't even meet the target haha! Yeah pretty much, place a PT at each piece of structure, so looking at this AUDNZD trade, the green lines are all profit targets, which as you can see are just based on previous structure. Entrance was really good on this one as the close was just above the resistance line. Stops vary from trade to trade, but generally somewhere in the middle of the triangle. Also, if the market gets really close to the target I just bring the stop up to breakeven (i.e. where I entered) to stop any chance of loss because if the price gets like halfway to the target and then comes all the way back then you want to get out of the trade.
Reply
olly_price olly_price
8 months ago
AUDNZD symmetrical triangle with 5 hits
Reply
olly_price olly_price
8 months ago
Triangles are really good to trade, I have about an 80% success rate on them but they are much less common than other patterns.
Reply
Tilsey PRO
8 months ago
*Height (distance)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener 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 Billing Sign Out