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Old 01-26-2009, 11:16 AM   #21 (permalink)
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David,

when do you call a triangle-line "broken"? When a 1-minute body closes outside the triangle? or a 5min (for daytrading of course). I assume that when a body's shadow goes through the supp/resis. line the triangle is NOT broken right..?
Hi CVD,

There is not a hard and fast rule here as it really depends on how aggressive a trader is when trading these patterns. Some traders will consider any price movemet above or below the triangle lines a break and some will wait for a close of a candle on the specific timeframe which they are trading for added confirmation of the break.

Hope that helps.

Best Regards,
Dave

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Old 02-12-2009, 10:18 PM   #22 (permalink)
 
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Hi david,

Is that a symetrical triangle in the white circle. There has been a contraction.

Also, did i draw the trend line in green correctly?

Million thanks.
forexer
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Old 02-13-2009, 06:25 AM   #23 (permalink)
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I was wondering if you guys take any indicators into consideration when trading the break.

For example, there is a break to the upside of the triangle, normally i would go long, but sometimes, Stoch, RSI and macd are extremely overbought...i often skip the trade then because I'm worried for a fast pullback in to the triangle.
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Old 02-13-2009, 12:50 PM   #24 (permalink)
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Hi david,

Is that a symetrical triangle in the white circle. There has been a contraction.

Also, did i draw the trend line in green correctly?

Million thanks.
forexer
Hi Forexer,

I don't really think there is any right or wrong in technical analysis but rather one traders opinion of what the chart is saying vs. another.

With this being said I can see the lines you have drawn as being a valid trendline and a triangle.

Best Regards,
Dave
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Old 02-13-2009, 12:52 PM   #25 (permalink)
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Quote:
Originally Posted by CVD View Post
I was wondering if you guys take any indicators into consideration when trading the break.

For example, there is a break to the upside of the triangle, normally i would go long, but sometimes, Stoch, RSI and macd are extremely overbought...i often skip the trade then because I'm worried for a fast pullback in to the triangle.
Hey CVD,

Yes I personally look at the 20 and 50 MA's to get an idea of overall trend as well as how far overbought or oversold the market is (by looking at how far away it is from the 20 SMA). I will also use other indicators and look for things such as MACD divergence depending on the situation.

Hope that helps.

Best Regards,
Dave
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Old 02-14-2009, 06:23 AM   #26 (permalink)
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Ah oke

Never really looked at any MA haha, but will do from today!

Thanks,

Cvd
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Old 04-02-2009, 06:46 PM   #27 (permalink)
 
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Chart patterns and Candlestick time frames


Dave,



Can these chart patterns and candlestick chart fomations used in day trading( 1,5 ,15 ,60 min) time frames?

Or do they work in longer time frames daily & weekly?


thanks
Peer
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Old 04-02-2009, 08:42 PM   #28 (permalink)
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Hi peer,

Chart patterns work in all time frames. Chart patterns are just one tool though and most traders will look for confirmation using other tools.

Cheers
Tek
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Old 04-03-2009, 02:49 PM   #29 (permalink)
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Hey Peer,

Yes I agree with Tek generally technical concepts are basically the same regardless of the timeframe. Here is some more information on this if you are interested:

What Timeframe Chart Should I Use?

Best Regards,
Dave
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Old 02-11-2012, 01:43 PM   #30 (permalink)
 
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Good Evening,

First of all, I want to thank you for creating such a great website. I also would like to ask you a question.

-Why is it important to determine a stop point?
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