360

Symmetrical Triangle Play

FX:XAUUSD   Gold Spot / U.S. Dollar
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"Performance of the symmetrical triangle is as follows (Kirkpatrick and Dahlquist, 2010, p. 315):
Price Breakout Up: Price fails to gain at least 5% from breakout only 9% of the time; the average maximum gain before any 20% decline is 31%.
Price Breakout Down: Price fails to gain at least 5% from breakout 13% of the time; the average maximum gain from shorting before any 20% reversal upwards is 17%.

Generally technical analysts suggest taking the height of the pattern and then adding or subtracting that from the breakout price (Rockefeller, 2011, p. 165). However, noted chart pattern researcher, Bulkowski (2008) suggests the following breakout price targets for the symmetrical triangle:
Symmetrical Triangle Breakout Upward:
Breakout Price + ((Highest Price in Triangle - Lowest Price in Triangle) * 66%)
Symmetrical Triangle Breakout Downward:
Breakout Price - ((Highest Price in Triangle - Lowest Price in Triangle) * 48%)

A breakout occurs 3/4 of the way into the triangle."
hi 360, is still holding strong around 1306/1307… will it continue to push up to this level..
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wow what a breakout… now from this level, what are we expecting Gold will go
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360 TucKinetti
Hi passive trader, looks like a good level for short, but don't play this if it does not fit your strategy.
+1 Reply
almost inverted H&S , 30 min TF. I want to see neck line break.
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360 Nightwish
This anticipation is killing me :)
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I already bought from the bottom looking to break upside of this triangle
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360 VRShaiju
I would not play against you on Gold, ever.
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