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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
The pattern is nice and that's enough for me but, knowing I'm nagging you, I say that I would have much preferred to see the lower boundary starting from the first pattern pivot point (yellow one) since it is the most important one. Moreover, if we project the two boundary lines until they merge into the triangle apex, we will see that the possible breakout would take place at around 40% of the pattern when the best area is around 75% (60%-80% usually). This last rule is not as important as in the past. Nowadays this principle is something to firmly consider when the breakout is too close to the triangle apex rather than when it happens too early but still it is something to know and to be aware of.
If prices go towards the target, keep in mind that we will have to deal with the 34.00 previous level.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
The pattern is nice and that's enough for me but, knowing I'm nagging you, I say that I would have much preferred to see the lower boundary starting from the first pattern pivot point (yellow one) since it is the most important one. Moreover, if we project the two boundary lines until they merge into the triangle apex, we will see that the possible breakout would take place at around 40% of the pattern when the best area is around 75% (60%-80% usually). This last rule is not as important as in the past. Nowadays this principle is something to firmly consider when the breakout is too close to the triangle apex rather than when it happens too early but still it is something to know and to be aware of.
If prices go towards the target, keep in mind that we will have to deal with the 34.00 previous level.
- Pattern Class: 🌕🌕🌕🌑🌑
- Target area: 29.20
- Breakout area below: 38.00
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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