HKDEUR descending triangle

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.)
Trade active
Comment: I expect a pull back before a downward move towards the target.
Trade closed: stop reached: Target just about missed and then rallied to the SL.
*Height (distance)
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!
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.
olly_price olly_price
olly_price olly_price
Triangles are really good to trade, I have about an 80% success rate on them but they are much less common than other patterns.
Nice trades bro! I see you like the Triangles! I've never traded it before. But i'll have to check it out haha!
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
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