• Triangle pattern explained + measurement method
• On the weekly chart, while ago, a triangle formation can be seen
• Breakout can be either way
• In the above case, the breakout was to the upside, supported by strong fundamentals in favor of the dollar
• Traders should wait for a successful breakout before placing any trade
• Breakout was confirmed by several bars above the upper trend line resistance
• Buy order is placed upon the breakout, and the measurement method is applied for profit taking
• What is the measurement method?
• It is the distance between the lowest point in the triangle and the first high, the widest distance in other words
• In this case, the length is 700 pips, so we project this distance from the breakout point
• We get the target around parity, which was reached accurately at a later stage
• On the weekly chart, while ago, a triangle formation can be seen
• Breakout can be either way
• In the above case, the breakout was to the upside, supported by strong fundamentals in favor of the dollar
• Traders should wait for a successful breakout before placing any trade
• Breakout was confirmed by several bars above the upper trend line resistance
• Buy order is placed upon the breakout, and the measurement method is applied for profit taking
• What is the measurement method?
• It is the distance between the lowest point in the triangle and the first high, the widest distance in other words
• In this case, the length is 700 pips, so we project this distance from the breakout point
• We get the target around parity, which was reached accurately at a later stage
Ramzi Abou Abdallah, CFTe, CMT
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♦️ t.me/accu_trading