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Symmetrical Triangle

GOLD → NFP could break resistance OANDA:XAUUSD is forming a consolidation after breaking the resistance of the wedge. On D1, the price is stopping near a strong level and preparing for something-o Consolidation above the previously broken line forms a potential, it can be either a break of resistance and formation of further momentum, or a false break of a strong level and further fall. Now everything depends on Unemployment and NFP, the data will be published soon. On the chart we see the formation of a symmetrical triangle, in this case it means a strong accumulation before a breakout to one side or the other. Support levels: 1942 Resistance levels: 1947 I expect a strong reaction on the background of the approaching news. A breakout of the figure boundaries will give us a strong reaction in the market. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
12
TATA STEEL LTD - 40% ROI - Long TermSYMMETRICAL TRIANGLE in Weekly Time Frame if this stock breaks 115 level, huge potential comes in this stock If you are interested in investment, go for it with proper risk. Overall "TATA STEEL" fundamentally good stock. Entry level : 115 SL : 102 TARGETS : 125,138,152 Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. HAPPY TRADING GUYS
NSE:TATASTEEL
by Jagadheesh_JP
9
Bitcoin - Be aware of the final dump! (triangle) This is a quick update on Bitcoin's short-term price action! Bitcoin is moving in 3 wave structures, which indicates a triangular formation that usually breaks in the direction of the main trend! I am bearish on BTC until we hit my price target of 24800, which is a significant swing high from June. The triangle suggests it as well. I expect a final impulsive wave to the downside before a pump back to 27,000. I think this break of the triangle will be only a fakeout to take liquidity, so make sure you take profits and do not stay in the short position for a long time! Now the question is, will we see another bounce from the ascending trendline of the symmetrical triangle? It's really possible because, from the Elliott Wave perspective, triangles have 5-waves in them, as ABCDE. Now Bitcoin is in the D wave. But sometimes triangles are shorter, and we could go down sooner rather than later. This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately. Overall, you probably know that I expect 21k to be hit later this year and potentially 15k next year, so do not buy any Bitcoins at the current price! Thank you, and for more ideas, hit "Like" and "Follow"!
Short
by UnknownUnicorn2537518
85
Ethereum -> Is This Still Bullish?Hello Traders and Investors , my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Ethereum 💪 If we are looking at the macro view on the monthly timeframe you can see that Ethereum perfectly retested the 0.768 fibonacci level in confluence with the previous cycle high so everything looks like we are starting the next major bullish crypto cycle. With Ethereum once again retesting massive weekly structure which is now acting as strong support I do expect another weekly bullish bounce from here. Finally you can see that Ethereum is creating bearish market structure on the daily timeframe so it is best to wait for some reversal before a weekly and monthly bounce will be quite likely. Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈 Thank you for watching and I will see you tomorrow! My previous analysis of this asset:
BITSTAMP:ETHUSDLong
by basictradingtv
25
Bitcoin - will crash to 10,000! (Proof here) 10k in April 2024? This is not sci-fi, but a real scenario that is probably going to happen! Make sure you are ready for what is coming. In this analysis, I will tell you all of the reasons. Bitcoin is extremely weak compared to the stock market or gold. While gold almost hit an all-time high, Bitcoin is near its low from November 2022, which is 16K. The current price of Bitcoin is 26k, and the previous all-time high was 69k. Compared to gold, Bitcoin should be worth 60k at this moment, but it's not. A few days ago, we had a massive sell-off, not only on Bitcoin but on all altcoins. The charts on the majority of altcoins look absolutely bearish. We have entered a new bear market. No coin from the high-cap category looks bullish, to be honest. From a technical perspective, the price is now below the 200-week simple moving average and also below the 20-month simple moving average. The bulls are not strong enough to sustain the uptrend, so it looks like the bears are in full control again, and it can be really nasty. I can see another 70% crash on DOGE and SHIBA. This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately. 10k is definitely a strong support that should hold! I believe this will be the bottom on Bitcoin because we have the 0.618 FIB retracement and the neckline of the head and shoulders pattern from 2020. On the chart, you can see my Elliott Wave count. Pretty much every Elliott Wave trader has bullish and bearish scenarios prepared. This is clearly my bearish scenario. Bear market 2022: impulse wave 12345; bull market 2023: triple three WXYXZ; bear market 2024: impulse wave. We can complete the ABC correction in April 2024. Let me know in the comment section what you think about a crash to 10k! Are you prepared or all in? Thank you, and for more ideas, hit "Like" and "Follow"!
BITSTAMP:BTCUSDShort
by UnknownUnicorn2537518
167
💱EURCAD - Symmetrical triangle before the impulseEURCAD stops near strong resistance and on the background of bullish trend the chart is forming a pattern that can form both upward and downward momentum TA on the high timeframe: 1) Globally, a bullish trend is visible, but before strong resistances the price stops and forms consolidation 2 Consolidation is forming between key liquidity areas TA on the low timeframe: 1) A symmetrical triangle is formed against the background of a bullish trend 2) Positive aspects of this pattern are that it is clear where to open trades (border breakout). 3) But, at the same time, in a bullish trend the price can break the support of the pattern and we will see a correction. 4) It is not important for us which of the borders will be broken, we need to wait for a signal, and it will be a breakout of the border with subsequent consolidation below or above the line. Key support📉: lower triangle boundary, 1.47000. Key resistance📈: upper triangle boundary, 1.47978
Long
by AndeWave
6
TRADING SYMMETRICAL⬇️⬆️🔄 ASCENDING📈 DESCENDING📉🔻⬇️TRIANGLES Hello traders, today we will delve into three types of triangles, which are significant chart patterns providing valuable insights into potential market movements. Understanding these patterns can play a pivotal role in making well-informed trading decisions. Let's explore each type and learn how to identify and interpret them effectively. **1. Symmetrical Triangle:** The symmetrical triangle pattern is formed by a series of lower highs and higher lows, resulting in converging trendlines. It indicates a period of market consolidation, where the price oscillates between lower highs and higher lows, signaling an imminent breakout in either direction. **Key Characteristics:** - **Shape:** Resembles a triangle, with converging trendlines. The horizontal resistance line connects the price highs, while the rising trendline connects the higher lows. - **Duration:** Can take several weeks or even months to form, depending on the time frame being analyzed. - **Volume:** As the symmetrical triangle develops, the trading volume tends to diminish. However, during the breakout, there may be an increase in volume, confirming the validity of the pattern. - **Breakout:** The pattern is confirmed once the price breaks decisively above the horizontal resistance line (bullish breakout) or below the rising trendline (bearish breakout). - **Price Target:** To estimate the potential price target after the breakout, measure the height of the triangle at its widest point (the distance between the highest high and lowest low within the triangle) and project it in the direction of the breakout. - **Stop Loss:** Traders typically place their stop-loss orders just outside the triangle, slightly beyond the opposite trendline from the direction of the breakout, to protect against false breakouts. Traders often enter a long (buy) position when the price breaks above the horizontal resistance line with a significant increase in volume or below the rising trendline in the case of a bearish breakout. **Limitations:** - **False Breakouts:** Sometimes, the price may briefly break above the resistance line or below the rising trendline, only to reverse in the opposite direction, causing a false breakout. Waiting for confirmation is crucial to avoid getting trapped in false signals - **Market Context:** While the symmetrical triangle indicates potential continuation, it's essential to consider the broader market context and use other technical indicators or fundamental analysis to support trading decisions. **2. Ascending Triangle:** The ascending triangle pattern is a bullish chart pattern that forms during an uptrend and represents a continuation pattern. It is formed by a horizontal resistance level and an upward-sloping trendline acting as support. This pattern suggests that buying pressure is gradually intensifying, and a breakout above the horizontal resistance may trigger a bullish move. **Key Characteristics:** - **Shape:** Resembles a triangle, where the horizontal resistance line connects two or more price highs, and the rising trendline connects higher lows. - **Duration:** The pattern can take several weeks or even months to form, depending on the time frame being analyzed. - **Volume:** Volume tends to diminish as the pattern develops. However, during the breakout, there is often an increase in volume, confirming the pattern's validity. - **Breakout:** The pattern is confirmed once the price breaks above the horizontal resistance line. The breakout is considered a bullish signal, suggesting that the upward trend is likely to continue. - **Price Target:** To estimate the potential price target after the breakout, measure the height of the triangle's base (the distance between the horizontal resistance line and the rising trendline) and project it upward from the breakout point. - **Stop Loss:** Traders typically place their stop-loss orders just below the rising trendline to protect against a false breakout. **Trading the ascending triangle:** - **Entry:** Traders often enter a long (buy) position when the price breaks above the horizontal resistance line with a surge in volume. - **Stop Loss:** The stop-loss level is usually set just below the rising trendline. - **Take Profit:** The take-profit level is determined using the measured move method by adding the height of the triangle's base to the breakout point. - **Confirmation:** It is crucial to wait for a clear breakout before entering the trade, as false breakouts can occur. A significant increase in volume during the breakout is often considered a strong confirmation signal. **Limitations:** - **False breakouts:** Sometimes, the price may break above the resistance line temporarily and then reverse lower, causing a false breakout. It is essential to wait for a clear confirmation. - **Market context:** While the ascending triangle is a bullish pattern, it's important to consider the broader market context and analyze other indicators to confirm the likelihood of the pattern leading to a successful trade. **3. Descending Triangle:** The descending triangle pattern is a bearish chart pattern that forms during a downtrend and represents a continuation pattern. It is formed by a horizontal support level and a downward-sloping trendline as resistance. This pattern indicates that selling pressure is progressively strengthening, and a breakdown below the horizontal support might lead to a bearish move. **Key Characteristics:** - **Shape:** Resembles a triangle, where the horizontal support line connects two or more price lows, and the downward-sloping trendline connects lower highs. - **Duration:** The pattern can take several weeks or even months to form, depending on the time frame being analyzed. - **Volume:** Volume tends to diminish as the pattern develops. However, during the breakdown, there is often an increase in volume, confirming the pattern's validity. - **Breakdown:** The pattern is confirmed once the price breaks below the horizontal support line. The breakdown is considered a bearish signal, suggesting that the downtrend is likely to continue. - **Price Target:** To estimate the potential price target after the breakdown, measure the height of the triangle's base (the distance between the horizontal support line and the downward-sloping trendline) and project it downward from the breakdown point. - **Stop Loss:** Traders typically place their stop-loss orders just above the downward-sloping trendline to protect against a false breakdown. **Trading the descending triangle:** - **Entry:** Traders often enter a short (sell) position when the price breaks below the horizontal support line with a surge in volume. - **Stop Loss:** The stop-loss level is usually set just above the downward-sloping trendline. - **Take Profit:** The take-profit level is determined using the measured move method by subtracting the height of the triangle's base from the breakdown point. - **Confirmation:** It is crucial to wait for a clear breakdown before entering the trade, as false breakdowns can occur. A significant increase in volume during the breakdown is often considered a strong confirmation signal. **Limitations:** - **False breakdowns:** Sometimes, the price may break below the support line temporarily and then reverse higher, causing a false breakdown . It is essential to wait for a clear confirmation. - **Market context:** While the descending triangle is a bearish pattern, it's important to consider the broader market context and analyze other indicators to confirm the likelihood of the pattern leading to a successful trade. **In conclusion, understanding these triangle patterns can provide valuable insights into potential market movements. Traders should use them as part of their technical analysis toolkit and combine them with other forms of analysis to make well-informed trading decisions. Happy trading! 📈💹** TCPLTP
Education
by TradeChartPatternsLikeThePros
2
💱GBPCAD - Symmetrical triangle will provide upside potential GBPCAD is forming a retest of resistance at 1.71041. The price is preparing for further strengthening along the trend. After the correction a set-up is formed which may give the market an impulse to 1.7216 in the near future TA on the high timeframe: 1) The correction from 1.7222 ends with consolidation in the range of 1.710 - 1.690 2) After a false breakout, the price forms a retest of resistance 3) A pre-breakout consolidation is formed TA on the low timeframe: 1) A symmetrical triangle is formed on the chart with downward resistance and upward support. 2) Another retest is forming and trading volumes are increasing 3) The market is preparing for a breakout, it is important for us to wait for a break of 1.71000 and price consolidation above the level. Key support📉: 1.70540, 1.7000 Key resistance📈: 1.71040
Long
by AndeWave
9
Honda India Power: Symmetrical Triangle BreakoutCMP: INR 2336 | Industry: Capital Goods P/E: 22 | Industry P/E: 38.4|ROE: 13.7% | ROCE: 18.8% |BV: INR 726 | EPS: INR 96| MCAP: 2369 Cr. Aggressive Entry: 2,336 | Resistance Levels: 2,712 | 2,947| 3,220| 4,204 Stop Loss: 2065 Confirmation entry levels: 2,512 | CCI: 66 | EMA (9d): 2,225 | S. RSI: 32 Analysis: Honda Power has been in the formation of a symmetrical triangle pattern since October 2022. It has rejected to break out from a declining trendline twice previously. This time stock seems to be in strong momentum with a similar pattern formation on the momentum indicator too. If the stock closes above 2,512 entries can be taken for the nearest breakout levels of 2,712 2,947, 3,220 and a long-term target of 4,204. In case of pattern failure stop stands at close below 2,065.
NSE:HONDAPOWERLong
by chandakpulkit
Gujarat Fluorochemicals: Symmetrical Triangle breakout CMP: 2916 | Industry: Chemicals P/E: 26.3 | Industry P/E: 29.9|ROE: 13.7% | ROCE: 27.1% |BV: INR 503 | EPS: INR 111| MCAP: 32,033 Cr. Aggressive Entry: 2,916 | Resistance Levels: 3,152 | 3,552| 4,076 Stop Loss: 2,680 Confirmation entry levels > 3,049 | CCI: -82 | EMA (9d): 2,793 | S. RSI: 25 Analysis: GFCL has been in the formation of a symmetrical triangle pattern since June 2022. It has rejected to break out from a declining trendline twice previously in Oct’22 and May’23. This time stock seems to be in strong momentum with rising volumes for 2 weeks consecutively. Momentum indicators are recovering from Oversold regions and with an uptick in direction too. If the stock closes above 3,049 entries can be taken for the nearest breakout levels of 3,152, 3,559 and the long-term target of 4,076. In case of pattern failure stop stands at close below 2,680.
NSE:FLUOROCHEMLong
by chandakpulkit
Advanced Micro Device Symmetrical Triangle Break/ Swing Hi guys this is a Technical Analysis on a Swing Trade opportunity for Micro Advanced Devices (AMD) on the 1 Day Timeframe. Crruently, we are in the process of breaking out of the Upper trend line of the Symmetrical Triangle. Notice how we are coinciding with the previous candles WICK. Now before taking any trades, make sure that the breakout is CONFIRMED. Which i will update on the confirmation. If would be positive for this breakout if we test SUPPORT on this Upper trendline of the Triangle. KEEP WATCH of FAKEOUTS, where we enter back into the triangle*** Our 1st Target = $125 - $132 range Our next target and what i'd love to see is if we get ABOVE this range and act as SUPPORT on the "MAJOR RESISTANCE" line. This MAJOR RESISTANCE line coincides with our TOP on Novemeber 2021. Lets look at some more CLUE that will help strengthen this breakout in the INDICATORS: RSI -> Notice how the RSI is coiling up in this range between the BLACK lines. -> If we break above the UPPER line, this would indicate a trend change and will be a catalyst we need. STOCH RSI -> Is showing a BULLISH CROSS. This would inject momentum into the breakout and help it move towards Target 1. MACD => Is also showing that we have BULLISH momentum coming in, with the print of the GREEN histogram and BUllish cross inching towards the 0 level. -> If we get above this 0 level with the cross, it will further the Bullish Momentum case. TRADE IDEA: STOP LOSS 5% below the Upper Trend Line of the Symmetrical Triangle Scale in your buy orders CONCLUSION: We are in the process of breaking a Symmetrical Triangle which will require confirmation for validity. The first target is highlighted on the chart, with the best course of action being us breaking ABOVE the MAJOR RESISTANCE line and having it act as SUPPORT. Our indicators are either showing signs of a bullish case or is in the process of exhibiting such signs. Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again. If you have any questions, do reach out. Thank you again. DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. When trading always spend majority of your time on risk management strategy.
NASDAQ:AMDLong
by SafofAllTrades