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Chapter 14, Part VII. Triangles. Page 9

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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    But to be honest – this is a very difficult case to trade. All that I want to show you – watch how trend and price confirm each other, but the priority is on price, not on the MACD. The last word belongs to price action. It will help you to foresee the direction of breakout.

    Pipruit: This is really priceless information Commander. I’ll try it. And could such pattern fail?
    Commander in Pips: Of course it could. Anything could fail on market. If the market shows breakout in the opposite direction – wait for confirmation and take some pause to have necessary confidence in the breakout. Then you can trade it. But this situation has a huge advantage – even if this will happen - you are not in the wrong position.

    All that we’ve said for ascending triangles is absolutely applicable to descending triangles. Here on chart #8 you can see what it looks like. Here by the way, the market has reached the target perfectly, as you can see.

    Although our examples here are continuation triangles – they also could be a reversal. Here is one by the way – on chart #9






    Chart#8 | EUR/USD 4-hour - descending continuation triangle
    [​IMG]


    Chart#9 | EUR/USD Daily - descending reversal triangle
    [​IMG]

    Pipruit:
    Thanks Commander for pictures. It’s really important to see, how they should look like.
    Commander in Pips: You’re welcome. So, there is only last type remains – broadening tops/bottom. Let’s talk about it.
     
    #1 Sive Morten, Dec 21, 2013
    Lasted edited by : Apr 1, 2016
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