Litecoin's triangle. Looks good, isn't it?

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
6785 12
This triangle looks very promising... however... more decline is always possible.
Trade active
Order cancelled: One week has passed but dynamics is very poor.
Looks bad.
@TheTrex, ok. thanks.
Yeah triangle. Google descending triangle and celebrate your longs. IF this is a triangle it is not a long. If you want to go long you have to look for something else than a triangle here... can't have both.
+1 Reply
FreshOilTrader drecksgrieche
@drecksgrieche, I see a Triangle (!) and I trade a triangle. Hope I don't need to explain you what a false break means. Don't limit yourself with such opinions like this: "if this is a triangle it is not a long". I don't know what do you see here... probably if you draw and post your setup it will be more clear for me. Good luck!
+1 Reply
drecksgrieche FreshOilTrader
@FreshOilTrader, well, there are different kinds of triangles. Some are continuation setups, like pennants (trade on breakout of either side), and some are moving in the direction of the horizontal line they retested (ascending/descending triangle). By these basic rules, we do not treat all triangles equally/go long because of the fact we saw a triangle. So again, the triangle you drew, if seen as a triangle, is not meant to break upwards.
FreshOilTrader drecksgrieche
@drecksgrieche, One draw costs thousand of words. So make your setup, post it and we will compare later. Cheers!
+1 Reply
FreshOilTrader drecksgrieche
@drecksgrieche, Great! Thank you! nice chart. Your targets are also possible. If happens I double position's size.
+1 Reply
not realistic at all. especially with bitcoin futures
@LuisAguilar2e, no problem - just don't long it. I see a nice triangle - so I will long it with no doubts or fear.
+2 Reply
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