is that typically if a trade begins to go against you with increasing momentum, there theoretically is no limit to when it may stop. If you buy the breakout of the neckline, use the distance between the bottom and the neckline in pips to calculate your profit target. The chart shown below is a really ideal case, see chart below for clarity: But you know that in reality, the market is not like that, its more like this chart shown below: The chart above shows an initial downtrend and along the way there. Triple tops when found in an uptrend, it signals the end of the uptrend when the neckline is broken and price heads down. Note: with a triangular pattern, I often prefer to wait for a candlestick to breakout and close outside of the pattern before I enter a trade. How much time is spent filtering through, wellcrap?
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So if price breaks the first trendline, it still has yet to head to the 2ndand the third etc So if you take a sell trade on the first trendline but price intersects it and you are stopped out with a loss and now price. And the best way for doing that is by using Price Action (reversal candlesticks) as shown below: Now, these chart below is what actually happens in real life trading environment: Nothing is more noticeable on any chart than support and resistance levels. As Ive mentioned above, there are 3 types of trends. But first, if youve never heard about Fibonacci retracement tool, then heres a brief introduction What Is The Fibonacci Retracement Tool? Heres what I mean by that: If you did take a trade in line with the result of economic news release you stand to make a lot more money very quickly in a very short time because the release of the news often tends. Price goes up, hits a price level or zone where it cannot continue upward any further and then reverses, thats a resistance level. That was enough signal for me to short this pair. Thats why you see price hits support levels and bounces back. Significant support and resistance levels are those levels that are formed in the large timeframes like the monthly, weekly and daily charts.
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