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Chapter 14, Part VII. Triangles. Page 11

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 21, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    If this pattern fails – usually it could lead to strong move in this direction. Look at chart #11:

    Here you can see – all things were in order, until market returns back and has tried to take out 5th highs during the 6th swing up. This is already uncommon and should worry you, if you intend to enter short with this pattern. Second warning – market starts to move lower but has not reached the lower border of this pattern. It means that the failure is very probable.

    Then, market has closed above the 5th swing high and confirmed pattern’s failure. Hence – you should wait for possibility to enter long, and it has come with Fib retracement very soon after failure.

    So, I hope that this is quite enough with triangles. Try to learn this well.


    Chart#11 | GBP/USD Daily – broadening top failure
    [​IMG]

    Pipruit: Very interesting pattern and looks nice. Thank you for all material Commander. I think, I’ll better start to study it carefully again, if you don’t mind.​

    Commander in Pips: Sure, go ahead.



    P.S. This lesson was written by Sive Morten, who has been working for a large European Bank since April of 2000, and is currently a supervisor of the bank's risk assessment department. Sive's knowledge of forex market and banking industry is vast and quite complete. If you have any specific questions about forex, banking industry, or any other financial instruments, please post them on the next page and Sive should answer soon.



    Note: FPA ranks are earned in the battles against scam, not in the classroom.
     
    #1 Sive Morten, Dec 21, 2013
    Lasted edited by : Apr 1, 2016
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