My trading journal monocrFX

Two more trades from today.

EU : Engulfing before break of flag, close below S2, test of S2 and news get me down.
EA: Break of flag, test of flag and pivot with spinning top, engulfing which is closed before previous low.

first trade from today

Triangle test, classic works just fine. Entry after close of initial break out.
PP tested twice, engulfing on the second test, pretty big.
And on the test we have doji, spinning top, pretty good for test.

Ascending Triangles

Ascending Triangles form when prices attempt to make higher highs and lower lows suggesting a bullish price trend. The Ascending triangle is bound by two trendlines: a horizontal line at the top and an upward slope trend line connecting the lower lows. Ascending triangles"form in any market and are quite reliable. The Triangle prices must intersect the trend lines at least twice (each) before the pattern is complete. Usually at the third or fourth attempt to trade outside the top trend line results in a breakout. Breakouts occur near the apex of the triangle.

This pattern has a high success rate as it meets its target about 75% of the time.

Trade: Trade a clear breakout of the top trend line. Enter a long trade one tick above the high of the breakout bar.

Target: Ascending triangles have excellent success in reaching target areas. The usual target would be the depth of the Triangle. Measure the distance (depth) between the top trend line and lowest of the upward slope trend line. Add this depth to the breakout point from the top of the trend line. Targets are also set at 50% of depth level for partial exits.

Stop: Place a stop order when the price closes below the low of the lower trend line or a major swing low.

Descending Triangles

Descending Triangles are similar to Ascending Triangles formation rules except they are bearish. Descending triangles form in bear markets and favor breakdowns. A descending triangle is bound by two trend lines connecting a downward slope trend line and a flat trend line connecting the lows of the pattern. Trades usually occur near the apex as the price closes outside the bottom trend line suggesting a breakdown. The price must intersect trend lines at least twice before the pattern emerges. Like the Ascending triangles, Descending Triangles also have a high success rate.

Trade: Trade one tick below the low of the breakdown bar (outside of the triangle).

Target: Descending triangles have similar targets like Ascending triangles. Measure Triangle depth at the lowest and highest points and set targets at 50% and 100% range from the breakdown point.

Stop: Place a stop order outside the downward slope trend line. If price closes above the top trend line, exit the trade.

Are you trading full time?

This was scary because of the news. Two trades with the same story, breakout and test, close below initial breakout. Confluence of previous support become resistance, and move down

I do

Take a look at GJ

Only one trade today

The same story, different day, triangle. after a nice move down, consolidation in form of triangle, + 20 pips at the end.

I feel I should say thank you, I am always on your thread reading and admiring your trades. I trade a little different but I'm now always on the lookout for these patterns thanks to you.

All the the best with your trading

Mist an opportunity to show this trades yesterday, with pivots. So I will show it today, price action works really well.

GU, First trade triangle break out and test, pretty usual +42 pips, exit at 1,64 . Second trade is pin bar or shooting star, with divergence for continuation on a down side, was really surprised how far it went, stop was only 7 pips, I was expecting to see previous Low, but let it go, and at the end +85 pisp, R/R at this trade 1/12. In total +127 pips.

EU, this trade was madness, didn't expect that much from euro, but nice to have it. The same story, triangle break out and test, pretty usual, but at the end +175 pips.

Thx Gareth. I saw you at Jankone thread, you have a nice charts there, I don't normally post charts with pin bars, but I do trade them, I had one trade yesterday GU with pin bar, which I have showed.

+350 pips for a week, classic stuff works just fine!!!

Mono, what is the yellow ma you use now ?

EMA 5 Shift 2

Had only one trade today +25 pips EG, pretty simple as usual, we have an uptrend, price consolidating around round number, in form of triangle. Moved to M5, to spot a clear entry, break and retest was my entry point. My terget was reached even little bit more, closed after hanging man on M 15 Chart !!!

Thanks, i use now ema 10 shift 2 with trail along side it by EA. Can stay in move longer than often intended. Like today AU short....

This trade made my day. Pin bar, shooting star, at resistance lvl, stop was 9 pips, target 30 pips at 0,9250, but price dropped with nice momentum, and closed for a nice +45 pips.

I like 5, 10 is to much for me. I have mist that trade yesterday with AU