tradingwizzard

Trade nr. 18 Going LONG eurnzd here in 1.6218 for 1.7200 tp sl 1.5879 expanding triangle on the daily chart.........will post a chart a bit later.........Fed today

just small in profit so far, but in a day when nothing really moved, what to expect?...waiting for Godot (Godot = Bernanke)

Hi there, I tried to look over your chart but it is too small.....try to attach it from the Attach tab as otherwise is not visible.. thank you

another example here on the daily eurjpy chart and this contracting triangle should act as a continuation pattern with new highs to come above 133.70 area

Trade nr. 17 Going LONG eurjpy here 132.27 for 136.00 tp sl 131.50 bullish break out of this contracting traingle (two triangles actually, one from daily and one visible on the 1h chart

swr3.de - great radio station

this is the eurcad 4h chart and price just broke out of a contracting triangle that seems to act as a reversal pattern........triangle broken, retested, and now should go for at least 61.8% retracement of the previous move

hi there, while I do agree with the general lines there that binary options are somehow missleading, it is worth noting that they have a big advantage: gets the trader to be disciplined.......you cannot exit after you bought a call or a put, except at the expiration date.....and this makes you take the time element into consideration and this is one of the most difficult things to do when trading.........and if you fail on binaries, then you most likely are going to fail on your trading too as binaries, through their expiries dates, basically gets you out of a possible loosing position (that is the stop loss) and you are not tempted to keep the losses run as the trade is automatically done.

Trade nr. 16 Going LONG Eurcad here in 1.3760 sl 1.3580 tp 1.3900 contracting triangle as a reversal pattern on the 1h chart.......will post the charts a bit later for the last two trades

Trade nr. 15 Going LONG GBPCAD here in 1.6411 sl 1.6200 tp 1.6800 contracting triangle on the 4h chart

well noted....but I am still bullish

No no....I am talking about the same time frane....I am going to be bull for the next few months

Hi there and welcome........check old threads for any useful information... as for your question, I would say that you are doing great.......keep it constantly and that's the secret of a successful trader.......careful about greed and fear......human nature plays tricks on us on and on...

Back on track as almost recoverd all loss for this month.....going into next week with three open positions and most likely will add some more starting with this coming Monday.....I like eurcad and gbpcad longs again going into the Fomc...... Please check the attachement to see the detailed situation for September

ok, so I will start first.......attached is a contracting triangle that, from my point of view, is going to be a continuation pattern, and, according to what was stated on the previous post, this one is going to break higher.......... these kind of examples I want you to post, regardless the time frame, and therefore we can have a subject to discuss, to see if the rules of a contracting triangle are respected, if not, if measured move comes in play, if not, etc......... just post them here and we will discuss them. next thread, still on this forum, Introduction to Technical Analysis, will be about head and shoulders......all triangles that you meet and are current to be posted here.......head and shoulders and inversed head and shoulders in the next thread.... Thank you, TW

Funny enough, I am bullish and looking for 1.3710 to be broken

Hi Giridhar, Welcome....glad to hear somebody that optimistic about trading ......take a look around the forums here and I am sure you can find some intresting stuff

booked well over 100 pips today on some of this weeks trades.......weekend is coming and booking profits never hurt.......still some open trades in euraud and eurusd......preparing to go light into the weekend

closing the audcad long here in 0.9571 for yet another +31 pips profit

closing the long here in 1.3751 for +39 pips profit

closing the long here in 1.6387 for 53 pips profit

One of the most common forms of consolidation is represented by contracting triangles. No matter what financial product one is trading (currencies, indices, etc.) this form of consolidation appears quite often. Contracting triangles can be of two types: continuation and reversal triangles. Whenever a contracting triangle is acting as a continuation pattern, (meaning price will break out of the triangular formation in the same direction it initially entered) the move prior to the begining of the triangle should not be corrective in nature (a corrective move is represented by price retracing often the prior advance/decline) and most likely represents a powerful advance. According to the Elliott theory (contracting triangles are studied in depth under that approach), a contracting triangle that acts as a continuation pattern is to be found in fourth wave types (in this case it is preceeding a powerful third wave type that usually is an impulive move), b wave types (as being part of a simple form of correction) or x wave types (when they are part of a complex form or correction). According to Murrey, there is a strong tendency that price will consolidate in a contracting triangle pattern before breaking through important lines (like the 7th line - the weak/fast reversal line) and this is something that is happening quite often. A triangle that acts as a reversal pattern shows saturation, market trying to break the highs/lows several time, only to fail in the end and price reverses. Such a contracting triangle it is said to break in the opposite direction than the one initially entered. There are typical five waves in a contracting triangle, no more, no less, and according to Elliott they are labeled a-b-c-d-e. There is a strong tendency that a contracting triangle evolves between the a and c and b and d trend lines, and this fact makes the triangle and the potential break extremely visible. The same Elliott states that triangles should have corrective structure for each and every wave, meaning impusive moves should be rulled out. The charts in the attachement show a typical continuation pattern for a contracting triangle (in this case eurcad on the weekly chart) and here it seems to be a b wave type if I were to put a count on it. The second image depicts a contracting triangle that acts as a reversal pattern, eurusd four hours chart in this case. According to the guidelines stated on the previous thread, feel free to upload here a contracting triangle of any type, instrument, etc, with your interpretation and possible outcome. TW

I never thought about that......I will definitely try :crap:

Trade nr. 14 Going LONG gbpcad here in 1.6334 sl 1.6201 tp 1.6856 contracting triangle on the 4h chart

you must have spend a lot of money paying subscriptions for all those trading rooms........man:confused: