Hello guys, I’m new . What kind of chart pattern is this. or is it even a chart pattern or not
Well I just didn’t get the difference between symmetrical triangles,pennants and wedges. they look so similar
this is USD/JPY 1H
Well I just didn’t get the difference between symmetrical triangles,pennants and wedges. they look so similar
this is USD/JPY 1H
On the face of it this is a symmetrical triangle, and price should normally exit in the same direction as that from which it entered the triangle, as with all triangle - i.e. upwards. But these patterns take a long time to form and are not even very reliable when they complete, and are therefore of limited use in trading.
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Call it whatever you want, name doesn’t matter. It’s more of an art than a science. Most patterns are probably just over 50% reliable so there is an edge. You just have to know when to get in, press your bets, and or get out. Not all patterns are the same and you can’t paint with such a wide brush.
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Ooh should be interesting to see what happens by tomorrow! Hope you post back with your thoughts + this same chart. I’m looking at it now, looks like it’s just consolidating. 