Hello,
We are forming an ascending triangle and we are in mean reversion territory suggesting upside so I decided to take the small profit my short from 7360 provided to wait on the sidelines. For now, for the very short term, the price action looks bullish.
If you have read the classical TA literature, you would know their is a measure theory behind triangles of this sort such that the breakout of the triangle should match the height of it. That height was above my stop loss and right triangles are one of the few TA patterns I seem to somewhat believe in. I wrote an article about WHY I think they are valid patterns, I think it's called philosophy of descending triangles or something like that - it was an educational post.
Anyways, short term bullish, medium term bearish, long term learning bearish but uncertain.
Thanks for reading,
-YS
We are forming an ascending triangle and we are in mean reversion territory suggesting upside so I decided to take the small profit my short from 7360 provided to wait on the sidelines. For now, for the very short term, the price action looks bullish.
If you have read the classical TA literature, you would know their is a measure theory behind triangles of this sort such that the breakout of the triangle should match the height of it. That height was above my stop loss and right triangles are one of the few TA patterns I seem to somewhat believe in. I wrote an article about WHY I think they are valid patterns, I think it's called philosophy of descending triangles or something like that - it was an educational post.
Anyways, short term bullish, medium term bearish, long term learning bearish but uncertain.
Thanks for reading,
-YS
Note
note: I am bullish, but I am not long.Note
a setup has arrived very nicely i will take it. Long from 7200 stop 7050
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.