To give you a macro view as of now, A huge #ascending #triangle is being formed on #HTF So tik-tok tik-tok tik-tok Are you ready for the life-changing money?
@Tradersweekly, Oh really I didn't know that ascending triangle coming from rising trend is bearish, I will add to my dictionary LOL
Tradersweekly
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@Mmamduh, What triangle? I see none. Feel free to show me the triangle you talk about. And if you think chart you shared shows triangle then I do not know what to tell you... (if you think triangle forms over such long time period as 1 year). Perhaps you should add to your dictionary that markets are not exponential function. Anyways, good luck!
Mmamduh
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@Tradersweekly, Well, time flies and we will see. I will tag you when it happens. Thanks for the information & Good luck to you too
@Tradersweekly, RN Elliot did note many such triangles, giving as an example one that formed over a 13 year period. So if you subscribe to his theories, triangles form on all timeframes because triangles are a universal expression of mathematical laws which cannot fail to inherently manifest themselves on every fractal level
Tradersweekly
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@FraterOculus, I studied his works and triangle forming over 13 years has pretty much no utility for purpose of trading (since you would have to wait 13 years until trade signal would be given to you). In addition to that, issue with standardization and backtesting arises here if you choose any pattern that resembles triangle in its shape to be "triangle pattern". Triangle pattern should consist of least two touches to the support line and another two touches to the resistance line. As far as I am concerned this basic premise was not fullfilled here. People tend to see patterns where they are not.