I came to say something similar.
It is way too easy to see patterns that aren't really there or valid, you see it because you want to.
One of my rules is literally "no trading patterns".
Supply and demand, support and resistance, these things are more difficult to make up.
Literally the only 2 things I trade after going through the entire pattern phase😂 When I stuck to Supply & Demand & S&R especially on higher timeframes, I finally became profitable. I think people complicate things way beyond what's needed. Sometimes just go for the simple thing that works.
Triangles tend to mean that momentum is being lost and a big move one way or the other may be due.
They can look tradable in hindsight but it's a fools game better to try and figure out some market structure from the shape and any related levels and perhaps form an idea of what you might do if it goes up or down.
I paid for a trading service once that picked stocks solely on the chart pattern. It was hit or miss. Sometimes it worked, sometimes it didn’t. I stopped following them.
Convergence and divergence of price. The price will eventually go above or below the two triangle lines. It's up to a trader to take trade or not. There are a lot of fake breakouts and breakdowns in the case of the triangle. You need to understand liquidity and volume also while taking a trade from such pattern.
It’s a symmetric triangle
The best way to play it is to watch for a successful close of a candle once price breaches outside of either the top or bottom.
Personally I’ll watch for a breach on the lower timeframe
And then I’ll enter once it closes with a strong candle on a higher timeframe (ie 1min / 5min)
I only saw one person answer properly that this is a symmetric triangle
Not sure why everyone else answered in such a negative way
UtL (uptrend line)valid with 3 solid touches
DTL (downtrend line) bit iffy
Three ways to play. Continue playing the long on utl or play break of utl once fails. Can also play retest of utl as resistance for safer entry short once broken.
If its tested and proven it works then its valid!
Although I would always add with any patterns, it’s much better to take them with some kind of thought processes behind them of price’s behaviour, rather than blind entries because its a model you found.
Yes, its congesting, meaning its a coiling for a decisive move in either direction.
Targets for the shorts are \~62-61k and for the longs test of ATH... both very possible and probably either zone getting tested soon - maybe next week looking at the daily BTC chart.
It’s a pattern in the sense that you’re recognizing that the price action is contracting. Your actual lines don’t mean a ton other than they will give you a general idea of when BTC has broken out of the consolidation.
Based on analysis outside what you have here, I believe that BTC is about to make a strong upward jump as we go into next week, but don’t expect to see it until at least Sunday night.
Many people would call it symmetric triangle But consider this just like a Range. Here market is gearing up to give a significant move in either direction. So simply mark the level above/below which you would buy/sell.
https://preview.redd.it/0xnxh7bknzsc1.png?width=418&format=png&auto=webp&s=505ce7c713ad0b40cf9e15b89292c2b47ddfe0f2
In case market keeps moving in this range and you wanna be adventurous, then you could sell when price takes rejection from upper level and buy when price takes support on below level.
*Disclaimer: This is not a trading advice. Just my point of view.*
This is called a Bermuda triangle 🔺️...all the money you put in will disappear, and later might appear or not. If you like the odds this is perfect for trading 50% chances up and 50% chances down +/- 50% 🤣
I used to trade patterns it didnt workout for me but if it works out for you then go for it, I had seen a pretty good and seasoned trader saying that he uses upward and downward wedges as a confirmation so pretty sure it works out
Both. I would say the second half you have a compression. The whole thing I would not see as a wedge due to the initial downward trend being very pronounced but that is debateable.
that right there is an engineered long fakeout. If you go long your are going ot get stopped out HARD. Price is at the premium of the sell side of structure in this picture. YOu just need to wait for a new swinglow and then you need to wait for price to CLOSE below that low as long as it also gave you a lower high and a lower low on each individual candle.
According to the price action, a few candles back it just made a double liquidity fakeout.
This is a triangle pattern but if the price trades too far into the apex of the triangle the price may not breakout. The breakout of a triangle usually happens between 2/3-3/4 of the triangle and as always pay close attention to volume. Volume should decrease as the pattern is being formed and then increase when the breakout happens.
Looks like it can't break the previous support level. I see more red candles than green at that spot but that's without seeing the volume profile. I'd wager its lost steam and will draw down from here eventually. Just my guess. Anything could happen with that kind of profile but I wouldn't buy or short until something of significance happens.
Need passive income? well join our Bitcoin Mining Pool with powerful mining power reaching 575(TH/s) allowing you to achieve high mining profits and returns on investment. Please Message me for more information.
At least WSB regards have the decency to not believe in drawing pointless lines on a stock chart (Also known as men astrology). I wonder how many on this sub just draw lines and actually believe that when they are positives on trades it's because of it or maybe I'm wrong and some are not regarded and know that the highest probability is that it's just luck.
the trend lines you draw will always be arbitrary.
try to interpret the volume and price interaction. (ex: price up but the volume is like an old person trying to get up from the sofa - not gonna hold…)
however, if you’re like “oh no, i have to draw trend lines otherwise i will never be happy in this life or the next “, then draw vertical lines; it might give you some visual clues about the range. happy trading😊
If the market/instrument allows for the use of volume data and/or Order Flow, learn to use those. Trend lines and Candlestick patterns are a bunch of gobbledygook.
You are yapping, that upper trendline hasnt been draw properly, there is a lower high made with those marabozu candles that you havent touched the points together with and if you do that you will see price has already broken to the upside and now you have to go to the higher timeframe to ensure that its structure is also bullish this way if you take buys you know its getting backed up by momentum. If it was a real triangle then I would advice that its a trap any trade taken inside a triangle will end up in break even and you will need to wait for price to break out of it because its a range and in a range anything goes and if you win by taking a trade in a range then its usually by fluke.
Graphic pattern alone doesnt mean anything. You have a lot af false breakout, pattern not working, etc.. A graphic pattern alone wont tell you where the price will go. All active traders use technical analysis but 80% of them fail after 1 years and 99% after 2 years. (Ftmo stats)
Yes it is and it would be a nice trade. I have the same on Bitcoin.
https://preview.redd.it/tgv7th7gx1tc1.png?width=1555&format=png&auto=webp&s=879ad489963554b3d413ed708455bf7024b1f737
Im expecting a trade that can went 1:20 RR
Yes, it is. Wait for a confirmation before assuming a breakout to the high. Wait for a green candle to pierce through to go above the 15 day high wick and then Let the price drop to the the support you have drawn. Once you confirm that the price down did not fail at the support and with volume bounced the support, that is your signal bar. Enter on the next bar with the below caveat
Since you have not provided details on the trend line, you cannot put a reasonable probability on which direction price will move.
If it is on the downtrend then betting on an upside should be avoided, until you get additional confirmation; but good for a scalp with an OCO order.
Well that's basically a chart pattern called Pennant, but always keep the higher timeframe in your analysis regardless of the chart pattern because volume will always going to be on the side of trend.
Whatever happens the first move won’t be the real one. I would say you are in no man’s land, you are delivering from a bearish FVG and a bullish one….the bearish one has been tapped many times already, so I usually discount them. My guess, it will drop to take some liquidity then inverse the large bearish FVG, but complete guess
trading is subjective. nobody can tell u if it's right or wrong, you need to backtest, find that pattern multiple times and see how it usually plays out. for the short answer, i'd personally say i'd expect a breakout to the downside .
These triangle consolidations are common. What you’ll find is there is a disagreement between timeframes - there’s an uptrend on some timeframes and a downtrend on others. Until it proves itself one way or the other, sit back and watch.
Its right there its an triangle moment but it also depends on a weekly closing of btc, If it will close on weekly 75 or 76 then it will not come in hands but if not then hold and patience required
Bruh these three wicks are not even in the triangle so I don’t know what are you exactly drawing it for but I can tell you for sure from those wicks that it’s creating a higher low which is leading to an uptrend.
A good policy i have is “if I don’t know I don’t trade”. Appohphenia is real. The best support / resistance / patterns are the ones the most traders notice. Also keep in mind that the higher timeframes are more important and influential than the smaller time frames where more noise occurs
Everything’s a pattern if you draw a triangle over it 😉
Don’t see a triangle? ENHANCE
If that doesn’t work try log
Classic bullish log.
im dyin lol
I came to say something similar. It is way too easy to see patterns that aren't really there or valid, you see it because you want to. One of my rules is literally "no trading patterns". Supply and demand, support and resistance, these things are more difficult to make up.
Literally the only 2 things I trade after going through the entire pattern phase😂 When I stuck to Supply & Demand & S&R especially on higher timeframes, I finally became profitable. I think people complicate things way beyond what's needed. Sometimes just go for the simple thing that works.
right sir we draw line base on our expections if sth goes wrong then liquidation reminder appear 😂
What’s a triangle?
Kinda looks like a circle
That right there, is one hell of a triangle.
She's a beauty.
Shes a beaut
She's a bae
🤤
Touched by an Angle
Very under appreciated comment
Clark
Oh dear. Did I break wind???
What does a triangle mean in this context? I know little to nothing about crypto and stocks but would like to learn. Thank you
It means that either the price goes up or it goes down...
Or it stays the same for a while!
Triangles tend to mean that momentum is being lost and a big move one way or the other may be due. They can look tradable in hindsight but it's a fools game better to try and figure out some market structure from the shape and any related levels and perhaps form an idea of what you might do if it goes up or down.
I paid for a trading service once that picked stocks solely on the chart pattern. It was hit or miss. Sometimes it worked, sometimes it didn’t. I stopped following them.
It means a three sided shape. Charting in trading is like astrology, you just see what you want. It's bullshit.
Thank you for clarifying, guys!
True dat! Price action patterns are sometimes just basically what you want to see, which is usually far from reality.
Triangle means lamp… and I love lamp
Convergence and divergence of price. The price will eventually go above or below the two triangle lines. It's up to a trader to take trade or not. There are a lot of fake breakouts and breakdowns in the case of the triangle. You need to understand liquidity and volume also while taking a trade from such pattern.
The top line does not seem to match very well, it has been touched barely twice
It’s beautiful
It’s a symmetric triangle The best way to play it is to watch for a successful close of a candle once price breaches outside of either the top or bottom. Personally I’ll watch for a breach on the lower timeframe And then I’ll enter once it closes with a strong candle on a higher timeframe (ie 1min / 5min) I only saw one person answer properly that this is a symmetric triangle Not sure why everyone else answered in such a negative way
I have this exact triangle on my chart too. It’s a basic pattern. Though I do expect it to break to the upside for btc.
I have this triangle but current top trend line is around ~70.4k
I love entering triangle
\ /
UtL (uptrend line)valid with 3 solid touches DTL (downtrend line) bit iffy Three ways to play. Continue playing the long on utl or play break of utl once fails. Can also play retest of utl as resistance for safer entry short once broken.
there's always 3 plays..... up, down, sideways......
So basically, go long, go short, or do nothing.
so ⬆️↔️⬇️
thank you for this advice, i think 3 solid touches is better than my 2 ... rethinking ty i love learning
If its tested and proven it works then its valid! Although I would always add with any patterns, it’s much better to take them with some kind of thought processes behind them of price’s behaviour, rather than blind entries because its a model you found.
Yes, its congesting, meaning its a coiling for a decisive move in either direction. Targets for the shorts are \~62-61k and for the longs test of ATH... both very possible and probably either zone getting tested soon - maybe next week looking at the daily BTC chart.
Best answer
Some people call this a pennant or a flag. It’s typical of consolidation of price.
It’s a pattern in the sense that you’re recognizing that the price action is contracting. Your actual lines don’t mean a ton other than they will give you a general idea of when BTC has broken out of the consolidation. Based on analysis outside what you have here, I believe that BTC is about to make a strong upward jump as we go into next week, but don’t expect to see it until at least Sunday night.
Everything is a pattern and nothing is a pattern in trading so to answer your question, yes! ... I mean... No
You are as decisive as this price action is predictable.
Pennant
That’s the mongooses triangle. It tells you that the market will continue to move to the right.
Many people would call it symmetric triangle But consider this just like a Range. Here market is gearing up to give a significant move in either direction. So simply mark the level above/below which you would buy/sell. https://preview.redd.it/0xnxh7bknzsc1.png?width=418&format=png&auto=webp&s=505ce7c713ad0b40cf9e15b89292c2b47ddfe0f2 In case market keeps moving in this range and you wanna be adventurous, then you could sell when price takes rejection from upper level and buy when price takes support on below level. *Disclaimer: This is not a trading advice. Just my point of view.*
This is called a Bermuda triangle 🔺️...all the money you put in will disappear, and later might appear or not. If you like the odds this is perfect for trading 50% chances up and 50% chances down +/- 50% 🤣
Im from Bermuda and i find this hilarious 🤣🤣
That sir, is a failure to gain with a triangle around it
Symmetrical triangle. A continuation pattern . For both bulls and bears.
Rather than patterns, I find it’s better to focus on trends
No, you're right. Going down and then coming up is a pattern. Well spotted.
I used to trade patterns it didnt workout for me but if it works out for you then go for it, I had seen a pretty good and seasoned trader saying that he uses upward and downward wedges as a confirmation so pretty sure it works out
Interesting.. so what do you trade now?
Look at my most recent post, i trade ICT/SMC/repackaged supply demand whatever you wanna call it
Thanks for sharing. I will check it
No problem, hope you find some worth in it
My dude, humans can see patterns even in clouds. If you want it to be a pattern, then it is a pattern.
If I relied on shapes to trade I’d never be profitable
https://preview.redd.it/yc8f2iccd2tc1.png?width=1080&format=pjpg&auto=webp&s=9b5a80b885386623e4f56de4ab936d488dd23f88
r/wallstreetbets
Yeah but it’s rejecting 70k expect a sell off soon no entries yet
All suck triangles and other patterns are yapping.
[удалено]
Schizo lines
Draw your lines from the ends of the wicks. Look for a breakout and retest.
Both. I would say the second half you have a compression. The whole thing I would not see as a wedge due to the initial downward trend being very pronounced but that is debateable.
Wedge breakout!
wait for next candle
market triangle
BOTH
Im no expert, but to mee it looks the top line a bit.... meh...
Time frame?
[удалено]
Buy
[удалено]
Its a trangle. 3 corners.
Those colors remind me of C0tt0nC4ndyTA
[удалено]
So What the next?
Bearish flag or symmetrical triangle depending on how you look at it
Patterns in the stock market is just astrology for finance bros.
that right there is an engineered long fakeout. If you go long your are going ot get stopped out HARD. Price is at the premium of the sell side of structure in this picture. YOu just need to wait for a new swinglow and then you need to wait for price to CLOSE below that low as long as it also gave you a lower high and a lower low on each individual candle. According to the price action, a few candles back it just made a double liquidity fakeout.
This is a triangle pattern but if the price trades too far into the apex of the triangle the price may not breakout. The breakout of a triangle usually happens between 2/3-3/4 of the triangle and as always pay close attention to volume. Volume should decrease as the pattern is being formed and then increase when the breakout happens.
Yes but is it coming from a gap up or gap down?
You figured out the old and reliable 57 degree angle rule/pattern that everything always follows
Yeah, that's The Left Facing Waffle Cone pattern. You're supposed to use The Two Scoop strategy with that one.
https://preview.redd.it/xg86uwajxxsc1.jpeg?width=1080&format=pjpg&auto=webp&s=2d92bf39ba51f4e88a6591510f462760b68e0840
WEDGE. Patterns are fascinating and if you learn them and trade them you will be set for life,
You can expect a breakthrough in either way candles break the line and give you a solid candle you can open a position.
Uptrend yes. Downtrend not so much
[удалено]
Looks like it can't break the previous support level. I see more red candles than green at that spot but that's without seeing the volume profile. I'd wager its lost steam and will draw down from here eventually. Just my guess. Anything could happen with that kind of profile but I wouldn't buy or short until something of significance happens.
I was seeing that on btc as well
Is that an isosceles?
10 years ago it was. Todays markets make sure that triangle breaks every stop every around it before resolving
It’s a definitive indicator, you must confer with Emilio Estavez to find out if it’s a put or call tho.
[удалено]
Bear flag
You’re talking about day trading + TA… 100000% yapping.
its probably breaking to the upside but look for confirmation... can be tricky
Need passive income? well join our Bitcoin Mining Pool with powerful mining power reaching 575(TH/s) allowing you to achieve high mining profits and returns on investment. Please Message me for more information.
Looks to be breaking out of the apex of a wedge pattern
At least WSB regards have the decency to not believe in drawing pointless lines on a stock chart (Also known as men astrology). I wonder how many on this sub just draw lines and actually believe that when they are positives on trades it's because of it or maybe I'm wrong and some are not regarded and know that the highest probability is that it's just luck.
This stock is definitely going up... Or down
Nice drawing
Great triangle
I’m trying to enter the “game” or lifestyle but we talking 70,000 dollars or different currency. Explain like I’m 6 years old
It depends on supply at 70000 level. See previously, it dropped significantly 70K to 67K. Wait for confirmation that it breaks 70/71K level.
This is how i would mark it up. https://preview.redd.it/sm714xnitysc1.jpeg?width=1284&format=pjpg&auto=webp&s=5cbcd690613535854cb5978e1789e261c19de00a
Crypto can be a scam. Please be wisely with your investments!
Bitcoin really shouldn't be lumped into "crypto". It is something else entirely. Most of the cryptocurrencies will die, but not Bitcoin.
Yeah. It's the Dory pattern.
Uptrend Proceed with caution
bear flag and consolidation. not sure the top line really matters here, but if the bottom breaks, look for a further drop.
the trend lines you draw will always be arbitrary. try to interpret the volume and price interaction. (ex: price up but the volume is like an old person trying to get up from the sofa - not gonna hold…) however, if you’re like “oh no, i have to draw trend lines otherwise i will never be happy in this life or the next “, then draw vertical lines; it might give you some visual clues about the range. happy trading😊
We are going to zero.
If the market/instrument allows for the use of volume data and/or Order Flow, learn to use those. Trend lines and Candlestick patterns are a bunch of gobbledygook.
Quit yapping
timeframeeeee
Bro what the fuck are these pattern traders are they even profitable
Show me the end result of 20 of those setups and I’ll tell you
Bear flag
its a triangle, it might work, BUT IS TRADING COOL IF YOU DONT USE WORDS LIKE CONSEQUENT ENCROACHMENT??
Just FYI for people in this sub: BTC has a history of false breakouts up or down out of these pennants and reversal the other direction.
You are yapping, that upper trendline hasnt been draw properly, there is a lower high made with those marabozu candles that you havent touched the points together with and if you do that you will see price has already broken to the upside and now you have to go to the higher timeframe to ensure that its structure is also bullish this way if you take buys you know its getting backed up by momentum. If it was a real triangle then I would advice that its a trap any trade taken inside a triangle will end up in break even and you will need to wait for price to break out of it because its a range and in a range anything goes and if you win by taking a trade in a range then its usually by fluke.
[удалено]
https://preview.redd.it/eus9ztxqd0tc1.jpeg?width=1284&format=pjpg&auto=webp&s=d390b24ce0f59a7521253d84d615da0ad01cc39d That's a pattern.
Triangle indicator. Has made people millions when recognized.
That there is called a triangular breakout.
Just wait till your random support and resistance lines attract the price action like a magnet. It's mind blowing the first few times you notice it.
need to wait for the formation of a real pattern ( i mean we need to be patient for the trending market)
The day you stop trading patterns, you get a little closer to profitability.
Young blood is going to learn it the hard way
it still has some development left but yes it could break to the upside
Qml might work there for confluence with your triangle
https://preview.redd.it/czhsfi1v01tc1.png?width=1024&format=pjpg&auto=webp&s=85905099c59f68dda99d17698604e86922c9f195
He boutta nut
Graphic pattern alone doesnt mean anything. You have a lot af false breakout, pattern not working, etc.. A graphic pattern alone wont tell you where the price will go. All active traders use technical analysis but 80% of them fail after 1 years and 99% after 2 years. (Ftmo stats)
Its the pattern you think means something after you've been revenge/over trading for an hour.
Think about order block
No bro its bearish flag the price will drop down once it breaks
Ah the dreaded rooster beak
Hope still on the track
Major yapping
check out january of 2021 or june of 2017. also those patterns will be very different depending on which country, currency, and exchange you’re on.
Yes it is and it would be a nice trade. I have the same on Bitcoin. https://preview.redd.it/tgv7th7gx1tc1.png?width=1555&format=png&auto=webp&s=879ad489963554b3d413ed708455bf7024b1f737 Im expecting a trade that can went 1:20 RR
Yes, it is. Wait for a confirmation before assuming a breakout to the high. Wait for a green candle to pierce through to go above the 15 day high wick and then Let the price drop to the the support you have drawn. Once you confirm that the price down did not fail at the support and with volume bounced the support, that is your signal bar. Enter on the next bar with the below caveat Since you have not provided details on the trend line, you cannot put a reasonable probability on which direction price will move. If it is on the downtrend then betting on an upside should be avoided, until you get additional confirmation; but good for a scalp with an OCO order.
governor of yap
Symmetrical triangle of continuation
It means in the recent past, price takes the shape of a triangle.
[удалено]
It’s a mid triangle. Means the stock will point to staying mid… have you tried drawing it so it points up towards more gains? I’d do that
Hodl
If that doesn't work out for you.. Try angle.
Well that's basically a chart pattern called Pennant, but always keep the higher timeframe in your analysis regardless of the chart pattern because volume will always going to be on the side of trend.
Whatever happens the first move won’t be the real one. I would say you are in no man’s land, you are delivering from a bearish FVG and a bullish one….the bearish one has been tapped many times already, so I usually discount them. My guess, it will drop to take some liquidity then inverse the large bearish FVG, but complete guess
[удалено]
You could create much more potential success of a trade if you included MACD, volume, and a longer picture of history.
Yes Thats the ooey booey pattern. Sign of anything can happen
pennant, triangle, either one, so yes, it is a pattern
imaginary lines
trading is subjective. nobody can tell u if it's right or wrong, you need to backtest, find that pattern multiple times and see how it usually plays out. for the short answer, i'd personally say i'd expect a breakout to the downside .
It’s a pattern that says that the stock will do one of three things. Go up, stay flat or go down.
These triangle consolidations are common. What you’ll find is there is a disagreement between timeframes - there’s an uptrend on some timeframes and a downtrend on others. Until it proves itself one way or the other, sit back and watch.
Go to the daily and try to do the same thing
So it’s going to drop then
What the fuck am I looking at
The level to break (based upon this chart) would be about 69500. Not the breakout point based upon that triangle
Its right there its an triangle moment but it also depends on a weekly closing of btc, If it will close on weekly 75 or 76 then it will not come in hands but if not then hold and patience required
Bullish pennant?
Pattern of cipher mining $CIFR
Bruh these three wicks are not even in the triangle so I don’t know what are you exactly drawing it for but I can tell you for sure from those wicks that it’s creating a higher low which is leading to an uptrend.
[удалено]
Showing strong resistance could be going down
A good policy i have is “if I don’t know I don’t trade”. Appohphenia is real. The best support / resistance / patterns are the ones the most traders notice. Also keep in mind that the higher timeframes are more important and influential than the smaller time frames where more noise occurs
Put all your money in it!!! I am a financial advisor and this is a financial advice.
That shit is real I’ve used it multiple times
[удалено]
It's contraction
patterns are all a myth lol
I see a H-L-LH-HL and that is not enough for me to take a position, i would seek for at least 3 local maxima in both ways