I’m slowly making my way through the school of pips but also trying to practice using each new indicator and chart i learn on a demo account.
I’m finding it hard to identify chart patterns as the examples they use in the school of pips are quite perfect, and I understand that this sometimes isn’t the case in the real forex world.
So whilst trying to get used to mt4 and playing around, I recognised a destinct triangle pattern, at first I thought this was a standard rectangle trend, but when I zoomed out I thought I could see a symmetrical tiangle.
I have very much more trust and interest in horizontal lines, myself, but this does indeed seem to be a reasonably well-formed symmetrical triangle.
The breakout of the price from this kind of symmetrical triangle is said commonly to occur around 75-80% of the way toward its apex, which might be coming up soon, judging by your chart above? I don’t know whether or not that’s really true, though.
What I think is certainly true is that around two-thirds of the time, the breakout will be in the direction of whatever the trend was before the formation of the triangle, but we can’t really see this from the chart above (and in any case it’s not terribly important, because if wanting to trade its breakout, one can wait and see in which direction it is, anyway?).
Yes that does appear to be one! One question though what timeframe are you on? For formations like triangles it’s a more reliable breakout when it happens on longer timeframes, doesn’t mean it wont work on lower timeframes, just might not be as good … But good job spotting the triangle! :57:
[QUOTE=“lexys;722114”]I have very much more trust and interest in horizontal lines, myself, but this does indeed seem to be a reasonably well-formed symmetrical triangle. The breakout of the price from this kind of symmetrical triangle is said commonly to occur around 75-80% of the way oward its apex, which might be coming up soon, judging by your chart above? I don’t know whether or not that’s really true, though. What I think is certainly true is that around two-thirds of the time, the breakout will be in the direction of whatever the trend was before the formation of the triangle, but we can’t really see this from the chart above (and in any case it’s not terribly important, because if wanting to trade its breakout, one can wait and see in which direction it is, anyway?).[/QUOTE]
That’s great thank you for replying. Unfortunately I didn’t have time to wait for the breakout as I had to leave the house.
But in happy I have identified my first symmetrical triangle!
Yep looks like a legit symmetrical triangle to me too! Nice job in spotting this. Hope you’re able to spot more formations and profit from those. See you around!
… But good job spotting the triangle! :57: