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BITCOIN - Triangle Pattern In Elliott Wave Theory ABCDE - SignalHow do you Trade it? What is a triangle pattern in technical analysis How is the pattern constructed How and at what points in the pattern do you trade a triangle Elliott Wave triangles are corrective patterns that consolidate the previous trend. Elliott Wave triangles consist of five waves labeled A-B-C-D-E . There are rules and three guidelines in the construction and identification of Elliott Wave triangles. RULES #1: THE SUB WAVES OF THE TRIANGLE DIVIDE AS 3-3-3-3-3 If you zoom in on the construction of the triangle, you should be able to identify three wave corrective moves for each of the five waves. (See image below) #2: THE SUB WAVES MUST BE ZIGZAGS, MULTIPLE ZIGZAGS, OR TRIANGLES. I have mentioned many times before how the zigzag is one of the building blocks for the Elliott Wave patterns. At least four of the waves must be zigzags. One wave can be more complex like a multiple zigzag or even another triangle. #3: WAVE ‘C’ CANNOT MOVE BEYOND THE ENDING PRICE OF WAVE ‘A’ #4: WAVE ‘D’ CANNOT MOVE BEYOND THE ENDING PRICE OF WAVE ‘B’ #5: WAVE ‘E’ CANNOT MOVE BEYOND THE ENDING PRICE OF WAVE ‘C’ On each of the rules above, the final three waves of the triangle become progressively shorter than the previous wave. As a result, when you draw trend lines connecting the wave extremes, the pattern takes shape of a triangle. There are three guidelines to identifying a triangle. First, triangles are found in only certain points in the wave structure. Most triangles appear as the second to last wave of the larger sequence. For example, in an impulse, a triangle may appear in the fourth wave position, which is the second to last wave of the five-wave impulse. Triangles may appear in the ‘B’ wave of a zigzag, which is the second to last wave of the A-B-C zigzag sequence . Typical spots in the wave structure where you might find a triangle: Fourth wave of an impulse wave ‘B’ waves of a zigzag pattern ‘X’ of ‘Z’ waves of complex combinations ‘Y’ waves of a W-X-Y combination Therefore, when you correctly identify a triangle, it can tip you off as to the larger wave sequence because it provides a warning that the next move is likely an ending wave! Another guideline in triangle construction is that the ‘B’ wave tends to retrace approximately 61-161% of wave ‘A’. If the ‘B’ wave overshoots and retraces 100% or more of wave ‘A’, then it is considered a running triangle. Running triangles are seen as strong indicators of a powerful trend. The trend was so powerful that the ‘B’ wave shot to a new price extreme. Lastly, sometimes you can estimate termination points of the some of the waves in the triangle by comparing the current wave to its alternate wave. For example, you might find wave ‘C’ to be 61.8% or 78.6% the length of wave ‘A’. A similar ratio might be realized for wave ‘D’ compared to wave ‘B’ or wave ‘E’ compared to wave ‘C’. TRADING TRIANGLES The best way to trade an Elliott Wave triangle is to anticipate the end of wave ‘E’. Sometimes this is easier said than done. To estimate the end of wave ‘E’, use the estimation guideline noted above by measuring the length of wave ‘C’ and finding that level where wave ‘E’ is 61% or 78% of its length. Also, draw a trend line connecting the wave ‘A’ and wave ‘C’ extremes. Many times, wave ‘E’ draws close and sometimes even overshoots that trend line. Stop loss and risk on the trade is placed at the wave ‘C’ price extreme. Price targets can be found by projecting a fifth wave price measurement (in an impulse) or equal wave price measurement (in a zigzag). This typically yields a one to two risk to reward ratio or better. ============================================================================= Technical analysis Let's talk a little bit about the current BITCOIN situation. Bitcoin remains under pressure, and it remains vulnerable. $10550 represents resistance, but we're considering lowering it to $10085.5 (BITMEX). While BTC is at levels that could see price turning higher, I noted that volume measures show bulls continue to be on the sidelines. As such, the impetus for a meaningful move higher is muted. That makes the bears' work a lot easier and keeps BTC exposed. Until BITCOIN can break above $10085.5, as evidence for a completed correction, we'll have to allow for further possible lows. The corrective nature of the price action suggests that BTC is setting up for at least another three waves below once this pullback ends. A zigzag unfolding for wave is expected to at least test the $6500 to complete wave. Against $10085.5, we'll continue to allow for lower in a still-unfolding wave. A breach of $8100 would hint wave is underway. However, it is not uncommon for these crypto-currencies to stage abrupt reversals, therefore, be aware that a break of $10.085.5 could trigger upside acceleration. We on the lookout for evidence a reversal has occurred. A further fall to the $6500 region would be catastrophic in the current scenario, I would be worried for the holders if it happens. But in my case I am not a BTC Holder, I am really a trader, so what really matters to me is my USD balance. I keep a portion of my portfolio at BitMEX for use in leveraged trade and the rest remains in USD on other exchanges. To be honest, My focus is on trading. So I really don't care if the price goes to go UP or fall. I'm ready for both scenarios and take a position according to the main trend. We have to analyze the scenario as a whole. We're just patiently waiting for the price to reach our targets. Patience is the greatest virtue needed to be a successful trader! It definitely looks the trend has reversed. That seems to be the perfect scenario to be followed by a solid downside thrust of based on "price action", based on Short-term demand expected in the zone. Seems a perfect plan for Market makers Remember, here shorts positions they are against the trend. All in all "Price action" may happen to trap greedy long position and big sharp volatility full of wipe out with a massive long squeeze. Our philosophy focuses on capital preservation and good risk/return operations with a low-risk. I will bring updates based on price action, If necessary!!! - BlackMEX Remember: $10085.5 is a critical resistance for this outlook. ------------------------------------------------------------------------ 🔔 XBTUSD 🔔 📉 SHORT / SWING 💹 BitMEX (x25) 🔀 Entry Zone: $9202 ➡️ ENTRY POINT : $9202 - $9195.5 ⛔ STOP-LOSS: $10089 (-8.79%) 🏁 EXIT TARGET: T1 = 8050 (+12.52%) (Short-term) T2 = 6873 (+25.31%) (Short-term) T3 = 6114 (+33.56%) (OBJETIVE) T4 = 4887 (+46.89%) (Middle-term) ✅ Projected net profit: 33,56% ⛔ Projected stop-loss: -8.79% Capital exposure: 10% of your balance Note: Prices can vary between Bitcoin exchanges, and consequently there may be differences in our chart prices due to different data sets. This is how I will be keep my position. If you have a conservative profile and don't want to risk such a large part of your portfolio in this trade, you just have to reduce the % of your balance that will be used on sell orders, or reduce leverage." ------------------------------------------------------------------------ "Worse than not finishing a trip is never leaving." – Amyr Klink.
BITMEX:BTCUSD.PShort
by BlackMEX
12
GOLD: Eliot wave analysis and retest strategy (Update2)First, congrats for your both targets on GOLD !!! GOLD: Eliot wave analysis on triangle pattern & retest strategy: Here is another strong and clear confirmation for GOLD Long. Technical indicators and technical analysis are more in the upward side after the rejection of the retest on the 3rd local triangle (RED triangle), after retesting the uptrend of the local triangle pattern (It is a reccurence over the whool week as u see in the chart, and that reflects the buyers intention...) So we may see to scenarios now: retesting the local triangle for another buy entry or the big breakout of the globale triangle! SHORT-term analysis (1H time-frame) : GOLD seems to be testing the globale trendline of the globale triangle pattern in the area of 17014 and 1717 waiting for volume to go up very horribly (That is always realized in the morning from 6AM GMT to 16PM GMT ) First Target after globale triangle breakout: 1736 , once this résistance is broke the next level is 1747. Comment: Congrats the Target was reached twice (y) It is always recommanded to close the trade after my first target and wait for that level to be reached and crossed well of it to re-open another tradeà Enjoy the profits!! That was 1600 pips alrdy and now + 3000 pips ! Stick for my update for the next entry after breakout (there is always a pending entry after breaking the 1718 resistance and Global trendline!)
TVC:GOLD
by MarjaniFX
14
EURJPYThat looks like a decent shorting opportunity to me, with a down trending market on the 1D. Again I highlighted a key zone with resistance acting upon this pair multiple times on the 4H. I zoomed into the 1H to find it has been rallying up creating this triangle flag pattern. If it does not breakout before reaching the light blue box, I recon this will be a good sell opportunity ;) Btw I have been trading for 3 months now, definitely got a lot to learn still but hopefully you can take a thing or two from my analysis. Comment down below how long you lot have been trading for.
Short
by FXJ4Y
GOLD: Eliot wave analysis on triangle pattern & retest strategyGOLD: Eliot wave analysis on triangle pattern & retest strategy Here is another strong and clear confirmation for GOLD Long. Technical indicators are more in the upward side after the rejection after retesting the uptrend of the local triangle pattern (It is a reccurence over the hole week as u see in the chart, and that reflects the buyers intention...) SHORT-term analysis (1H time-frame) : GOLD seems to be ranging in the area of 1693 and 1698 waiting for volume to go up very horribly (That is always realized in the morning from 6AM GMT to 16PM GMT) First Target: 1710 , once this résistance is broke the next level is 1720.
TVC:GOLDLong
by MarjaniFX
4
Triangle breakout and retesting the support- Eliot wave analysisGOLD Long position: Confluence rejection: Breakout & Retesting the global Trend-line (99% Long) As we can realize that GOLD had succeded to breakout the globale triangle pattern, after many rejections by the weekly trend of the globale triangle. This retest scenario was expected, and that trend contains now (and before) many pending orders ... It will surely continue to the 1710 zone and then 1721 till 1736 and so on. ** GOLD has proved now that it have more liquidity to go up for 1736 and reach the monthly globale UPRANGE! **Instructions: - Always wait for a reversal signal or confirmation before take any trade. - This is an idea to help you make a decision.
TVC:GOLDLong
by MarjaniFX
6
GOLD long breakout: retesting the local triangle (Short-term)GOLD /USD Long position after confluence, Triangle breakoutPullback: retesting the local triangle upside: Short-term analysis - GOLD Long position: Confluence rejection: Breakout & Retesting the global Trend-line (99%) As we can realize that GOLD had succeded to breakout the globale triangle pattern after many rejections at the weekly upside of the triangle, it was expected to retest thatTrend what contains now (and before) many pending orders ... to continue at the upside till the 1721 zone and then to the 1736 and so on. ** GOLD has proved now that it have more liquidity to go up for 1736 and the monthly globale UPRANGE! **Instructions: - Always wait for a reversal signal or confirmation before take any trade. - This is an idea to help you make a decision.
TVC:GOLDLong
by MarjaniFX
7
Confluence rejection: Breakout & Retesting the global Trend-lineGOLD Long position: Confluence rejection: Breakout & Retesting the global Trend-line (99%) As we can realize that GOLD had succeded to breakout the globale triangle pattern after many rejections at the weekly upside of the triangle, it was expected to retest thatTrend what contains now (and before) many pending orders ... to continue at the upside till the 1721 zone and then to the 1736 and so on. ** GOLD has proved now that it have more liquidity to go up for 1736 and the monthly globale UPRANGE! **Instructions: - Always wait for a reversal signal or confirmation before take any trade. - This is an idea to help you make a decision.
TVC:GOLDLong
by MarjaniFX
6
Ascending Triangle as Continuation and Bilateral patternAscending Triangle Pattern Tutorial : Ascending Triangle is a Bullish Pattern and sometimes also act as Bilateral Pattern; What is Bilateral Pattern : Bilateral Chart Patterns are triangular patterns; they signal either a continuarion or reversal of the current price movement, mainly it depends on how the price breaks the triangle pattern. There are three main types of Bilateral Chart Patterns; 1) Ascending Triangle, 2) Descending Triangle, 3) Symmetrical Triangle. An Ascending Triangle can be easily identified if you see a rising lower trendline along with a flat resistance. Also ascending triangle have some shortcomings like it can occur false breakout and the price reverses. You need to see how strong the breakout was by looking at volume at the time of breakout and if the breakout is not strong enough you can exit the trade and before entering you need to manage risk accordingly. Check Out other tutorials; (), () Stay Tuned 👍;
Education
by tapasdhanadana
5
Buy your Lambo from this one trade...USDJPY!!Weekly & 4Hour time frame analysis. USDJPY has just retested the upper downtrendline & failed. The profit zone is marked in purple. The divergence signals a regular bullish divergence so that profit area could turn into a demand zone, pushing the pair to new highs. If price retests & fails the upper (weekly) trendline after hitting the profit zone, USDJPY should make a new low. This is a weekly entry meaning It will more than likely take a year to complete. Add on pullbacks & invest every paycheck you get, you'll be driving a Lambo in not time ;) STOP LOSS is above the most recent high. If price gets above, I'll reverse & trade to new highs.
Short
by BillionaireTomBoi
1
How to trade BTCUSD like a pro1. If you are new to trading, learn how to trade support & resistance of triangles on the Daily & Hourly time frame. The time it will take BTC to retest the BUY zones I've marked, will be more than enough time for you to learn & practice how to be ready for the retest of the areas I've marked. 2. Realize that BTC has retested & held above the green triangular channel. The proper way to enter this trade is to wait for the bottom level of this channel to be retested once more, on a lower time frame. The current pattern on the Daily chart is a bullish candle stick pattern. If you are new to trading, also learn more about common candle stick patterns that occur over & over, giving professional traders signals to enter trades confidently. 3. If you've entered already, be cautious as price rises. Be prepared to take small profits if 4 Hour or 1 Hour charts show huge selling. BTC HAS BEEN & IS STILL IN AN UPTREND, however, any global event could shake the crypto market up, which could result in people mass dumping their BTC holdings.
COINBASE:BTCUSDLong
by BillionaireTomBoi
1