Comments on: Gold Forming Symmetrical Triangle – Waiting for Breakout http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/ Helping traders overcome fears and emotions in trading Thu, 09 Feb 2012 14:53:15 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Two Examples of How to Project Price Targets from Triangles | Penny Stock Trading System Blog http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-212218 Two Examples of How to Project Price Targets from Triangles | Penny Stock Trading System Blog Sat, 20 Feb 2010 21:43:17 +0000 http://blog.afraidtotrade.com/?p=4377#comment-212218 [...] July 27:  “Gold Forming Symmetrical Triangle – Waiting for Breakout” [...] [...] July 27:  “Gold Forming Symmetrical Triangle – Waiting for Breakout” [...]

]]> By: Two Competing Weekly Patterns in Gold | Penny Stock Trading System Blog http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-210054 Two Competing Weekly Patterns in Gold | Penny Stock Trading System Blog Tue, 04 Aug 2009 03:34:25 +0000 http://blog.afraidtotrade.com/?p=4377#comment-210054 [...] I mentioned last week (in a more detailed post), Gold is forming a symmetrical triangle consolidation pattern, with trendlines that now end at the [...] [...] I mentioned last week (in a more detailed post), Gold is forming a symmetrical triangle consolidation pattern, with trendlines that now end at the [...]

]]> By: Two Competing Weekly Patterns in Gold | Afraid to Trade.com Blog http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-210034 Two Competing Weekly Patterns in Gold | Afraid to Trade.com Blog Mon, 03 Aug 2009 03:30:54 +0000 http://blog.afraidtotrade.com/?p=4377#comment-210034 [...] I mentioned last week (in a more detailed post), Gold is forming a symmetrical triangle consolidation pattern, with trendlines that now end at the [...] [...] I mentioned last week (in a more detailed post), Gold is forming a symmetrical triangle consolidation pattern, with trendlines that now end at the [...]

]]> By: jmcdowell http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-213001 jmcdowell Fri, 31 Jul 2009 05:41:10 +0000 http://blog.afraidtotrade.com/?p=4377#comment-213001 An interesting observation: The length of the lower line of the triangle from first to third low divided by the length of the upper line from first to second peak is approx 1.618 phi. An interesting observation: The length of the lower line of the triangle from first to third low divided by the length of the upper line from first to second peak is approx 1.618 phi.

]]> By: jmcdowell http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-210011 jmcdowell Fri, 31 Jul 2009 00:41:10 +0000 http://blog.afraidtotrade.com/?p=4377#comment-210011 An interesting observation: The length of the lower line of the triangle from first to third low divided by the length of the upper line from first to second peak is approx 1.618 phi. An interesting observation: The length of the lower line of the triangle from first to third low divided by the length of the upper line from first to second peak is approx 1.618 phi.

]]> By: Corey Rosenbloom, CMT http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-209987 Corey Rosenbloom, CMT Tue, 28 Jul 2009 00:47:16 +0000 http://blog.afraidtotrade.com/?p=4377#comment-209987 Dominick,<br><br>Trend structure often gives us clues in that most symmetrical triangles break IN the direction of the prevailing trend BUT that's not a guaranteed rule - it might be as high as 60% continuation to 40% reversal which isn't much of an accuracy edge.<br><br>Possibly, yes, in that if we get a downswing from here, the failure to test the upper line would be an early sign but still I would wait for the break to play into the Price Expansion/Contraction edge (that price will form an expansion move after a contraction move).<br><br>The MTA (CMT) reading list is probably the most professional list out there for serious traders - some of the books are 800 pages and are college textbooks! But they'll teach you all you need to know to begin integrating.<br><br>Otherwise, Dr. Steenbarger's "Enhancing Trader Performance" and Mark Douglas' "Trading in the Zone" always top my recommended reading list. Dominick,

Trend structure often gives us clues in that most symmetrical triangles break IN the direction of the prevailing trend BUT that's not a guaranteed rule – it might be as high as 60% continuation to 40% reversal which isn't much of an accuracy edge.

Possibly, yes, in that if we get a downswing from here, the failure to test the upper line would be an early sign but still I would wait for the break to play into the Price Expansion/Contraction edge (that price will form an expansion move after a contraction move).

The MTA (CMT) reading list is probably the most professional list out there for serious traders – some of the books are 800 pages and are college textbooks! But they'll teach you all you need to know to begin integrating.

Otherwise, Dr. Steenbarger's “Enhancing Trader Performance” and Mark Douglas' “Trading in the Zone” always top my recommended reading list.

]]> By: Corey Rosenbloom, CMT http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-209986 Corey Rosenbloom, CMT Tue, 28 Jul 2009 00:44:03 +0000 http://blog.afraidtotrade.com/?p=4377#comment-209986 Aavid,<br><br>Not necessarily - classic TA would hint that the triangle would resolve to the upside (triangles are often continuation patterns but there's no guarantee on that) but from my experience it's best to play the edge from the breakout instead of trying to guess which direction it will resolve. The 'edge' comes from the Price Expansion/Contraction principle. Aavid,

Not necessarily – classic TA would hint that the triangle would resolve to the upside (triangles are often continuation patterns but there's no guarantee on that) but from my experience it's best to play the edge from the breakout instead of trying to guess which direction it will resolve. The 'edge' comes from the Price Expansion/Contraction principle.

]]> By: Dominick http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-209984 Dominick Mon, 27 Jul 2009 20:02:19 +0000 http://blog.afraidtotrade.com/?p=4377#comment-209984 Hello Corey. Do these triangles sometimes give hints as to which way they may break. For example, if the current price wave up fails to touch the upper trendline would that indicate weakness and possibly a break to the downside? <br><br>Also, (and this is a little off topic)what would you for recommend for reading material on trading? Would it be the books on the C.M.T. website or do you have your own recommendations?<br>Thanks. Hello Corey. Do these triangles sometimes give hints as to which way they may break. For example, if the current price wave up fails to touch the upper trendline would that indicate weakness and possibly a break to the downside?

Also, (and this is a little off topic)what would you for recommend for reading material on trading? Would it be the books on the C.M.T. website or do you have your own recommendations?
Thanks.

]]> By: aavidtrades http://blog.afraidtotrade.com/gold-forming-symmetrical-triangle/comment-page-1/#comment-209982 aavidtrades Mon, 27 Jul 2009 16:14:30 +0000 http://blog.afraidtotrade.com/?p=4377#comment-209982 Corey<br>Good analysis. However, once the triangle is complete shouldn't there be a direction reversal and so the likelihood of the Gold price going lower seems higher than it going higher after the triangle is complete. Corey
Good analysis. However, once the triangle is complete shouldn't there be a direction reversal and so the likelihood of the Gold price going lower seems higher than it going higher after the triangle is complete.

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