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Symmetrical Triangle

KOSPI Composite Index - Symmetrical TriangleIndex: KOSPI Composite Index Exchange: Korea Exchange (KRX) Region: South Korea Introduction: Welcome to today's technical analysis. We'll focus on the weekly chart of the KOSPI Composite Index, highlighting a bullish reversal signaled by a symmetrical triangle pattern breakout. Symmetrical Triangle Pattern: The symmetrical triangle pattern is a neutral pattern that can signal either a bullish or bearish breakout, depending on which direction the price escapes. This pattern usually appears during a trend's consolidation period and is characterized by two converging trendlines. Analysis: The KOSPI Composite Index was undeniably in a downtrend, represented by a blue diagonal resistance line. However, this has changed as the index has entered a phase of consolidation, forming a symmetrical triangle over the last 294 days. The breakout from this pattern and the index's current position above the 200 EMA suggest a bullish market environment. The price target, following a successful breakout, is projected at 2895.50 KRW, potentially signifying a price increase of approximately 16.5%. Conclusion: The weekly chart of the KOSPI Composite Index presents a bullish scenario, with a symmetrical triangle pattern breakout. This signals a potential reversal from the previous downtrend, suggesting a favorable environment for long positions in stocks within this index. As always, this analysis does not constitute financial advice, and it's essential to conduct your own research and consider risk management strategies when investing. If you found this analysis valuable, please like, share, and follow for more market insights. Happy trading! Best regards, Karim Subhieh
KRX:KOSPI
by KarimSubhieh
Bank Nifty Trade Setup (23-May-2023)As posted yesterday price is consolidating between 700-800 Points near ATH Level. From price action Its moving in Lower Highs and Higher lows forming symmetrical triangle pattern breaking this pattern on either side can give 200-250 points for the levels of horizontal resistance also ATH on upside and horizontal support at 43550 levels. For tomorrow Setup i will look for following : 1.) If Opens flat will wait for break of this triangle pattern and on which ever side it break will trade accordingly for target of Support or Resistance levels. 2.) If opens gap up will check if it retest this pattern and if sustain the Gap i will look for buying for target of ATH which will also be partial booking or full booking as per my time for it. 3.) If opens gap down will follow the same check if it retest triangle pattern if doesn't sustain will buy PE for target of support level. if price sustain above triangle lower trendline i will look for buying with first target of Triangle upper trendline. This will be my personal trade Setup, This is not an advice of any kind to trade for anyone. Hit like to keep me motivated for keeping my trading journal. also one can comment how i can make it better or any improvements i can make in my trading setups.
NSE:BANKNIFTYLong
by TradeInsights
FINNIFTY Expiry Day Trade Setup (23-May-2023)This will be my personal trade Setup, This is not an advice of any kind to trade for anyone. Price is moving in Triangle Pattern will Break of this can give good trade setup, will follow these points: 1.) If opens flat between this triangle then will wait for price to break this pattern as buying PE near upper triangle trend line resistance for target of lower triangle trendline will be slow and there will be theta decay which will just eat premium. 2.) If opens gap up will look for nearby resistance levels. CPR Levels to be in a trade. 3.) Same for Gap down opening only will if it sustain support or if it rejects it. 4.) As it is expiry day so there will be volatility and if setup isn't good due to theta decay it will only eat premiums. Also if i place any trade in FINFIFTY i will be sure to book profits as soon as possible. and will try to look for 5 minute chart to enter a position and 1 minute chart to close my position. Hit like to keep me motivated for keeping my trading journal. also one can comment how i can make it better or any improvements i can make in my trading setups.
NSE:CNXFINANCE
by TradeInsights
Fujitsu Limited WCA - Symmetrical TriangleCompany: Fujitsu Limited Ticker: 6702.T Exchange: Tokyo Stock Exchange Sector: Technology Introduction: Hello and welcome to our technical analysis session! Today we are focusing on Fujitsu Limited as observed on the weekly chart on the Tokyo Stock Exchange. An intriguing symmetrical triangle formation has caught our attention, which may act as a bullish continuation. Symmetrical Triangle Pattern: A symmetrical triangle is a price pattern characterized by converging trend lines and oscillating price within the pattern. It can serve as a continuation or a reversal signal. The breakout direction tends to predict the subsequent trend direction. Analysis: Preceding this consolidation phase, Fujitsu's price exhibited a clear uptrend. The ongoing consolidation phase, shaped as a symmetrical triangle, has been forming for 616 days. There are three points of contact with the triangle's upper boundary and two with its lower boundary. Notably, this consolidation phase takes place above the 200 EMA, indicating a bullish environment. If we see a weekly candlestick close above 18400, it could serve as an opportune moment for a long position entry. Assuming a valid breakout, our projected price target is at 26025, translating into a potential price rise of approximately 41.33%. Conclusion: The weekly chart of Fujitsu Limited presents a potential bullish continuation pattern in the form of a symmetrical triangle. A confirmed breakout above the triangle's upper boundary could offer a promising long position entry. As always, please perform your own due diligence and consider appropriate risk management strategies when investing. Not financial advice! Thank you for joining this analysis. If you found it useful, please like, share, and follow for more insightful market updates. Happy trading! Best regards, Karim Subhieh
TSE:6702
by KarimSubhieh
Bitcoin is starting something big! (Elliott Wave) Bitcoin is very bearish, and I expect lower prices. We have a strong bearish Elliott Wave base (a symmetrical triangle), and on the chart you can see my primary Elliott Wave count. This strong Elliott Wave base is an indication of a big crash. The price should not go above 27666 (only a wick is allowed above this level). This is a strong resistance because of the previous wave (1), and wave (4) should not go into wave (1) territory. But I have an exception for this ruse, so I allow a very small overlap. Usually there are a lot of orders, and the market wants liquidity, which is why sometimes they overlap. Also, it depends on exchanges. The bullish Elliott wave count is different. The symmetrical triangle could be an ABCDE triangle wave B, and we have just finished the ABC correction. In this case, the ABC correction could be completed, and we are ready to go above 31k. It's possible, of course, but my primary outlook is bearish. But if you are bullish, you can take this count into consideration. In the next few weeks or months, Bitcoin will reach 21k and 15k after that at the end of the year. 10K is possible. We need more data to establish the target for the bear market, and we need to wait for the price to develop. This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately. What I personally recommend is to take only shorts on futures and avoid longs until the end of the year. This s a quick update on BTC. Thank you, and for more ideas, hit "Like" and "Follow"!
Short
by UnknownUnicorn2537518
138
COST WCA - Awaiting a Breakout from SymmetryCompany: Costco Wholesale Corporation Ticker: COST Exchange: NASDAQ Sector: Consumer Defensive Introduction: Greetings and thank you for taking the time to read my analysis. Today, we delve into the weekly chart of Costco Wholesale Corporation (COST) which has been forming a symmetrical triangle pattern for the past 12.88 months. This pattern is typically a sign of market indecision, and we're anticipating a breakout soon. Symmetrical Triangle Pattern: A symmetrical triangle is a chart pattern in technical analysis used by traders to predict future price movements. It is formed when the price of an asset consolidates between converging trendlines that slope towards each other, creating a triangular shape. The pattern is characterized by lower highs and higher lows, indicating a tightening price range as the market reaches a point of equilibrium between buying and selling pressure. In this case, we have 5 clear touch points on the upper trendline and 3 on the lower trendline. Analysis: Costco's price is currently above the 200 EMA, and given the clear uptrend preceding the triangle, we are inclined to see this symmetrical triangle as a bullish continuation pattern. However, the inherent indecision signaled by the symmetrical triangle means we should hold off on calculating a price target until a definite breakout occurs. Moreover, a breakout must occur soon, as the closer we get to the triangle's apex, the weaker the effect of the breakout. This makes COST a high-priority watchlist candidate that should produce a result soon, regardless of the direction it takes. Conclusion: The Costco Wholesale Corporation weekly chart analysis points towards a symmetrical triangle pattern, indicating market indecision and a potential breakout soon. Traders should closely monitor this chart for signs of a breakout. Remember, this analysis is not financial advice. Always conduct your own research when investing and consider risk management and proper position sizing when trading based on chart patterns. If you found this analysis helpful, please like, share, and follow for more updates. Happy trading! Best Regards, Karim Subhieh
NASDAQ:COST
by KarimSubhieh
BTC QUICK UPDATE!Hello everyone, if you like the idea, do not forget to support it with a like and follow. Welcome to this quick BTC update. BTC is moving in a range of FWB:27K -$30k for many days. So what's next from here? BTC is forming a symmetrical triangle-like structure in the daily time frame and once again it got rejected from the upper trendline of the triangle. We have two important supports below. One is at around FWB:27K and another one is at around FWB:25K level. IMO BTC holds the first support of FWB:27K and we might see a quick bounce from there. For a bullish scenario, we need a clear breakout of this triangle. As of now let's see how the price reacts after reaching the FWB:27K level. Invalidation:- Daily close below FWB:27K If you like this idea then do support it with like and follow. Also, share your views in the comment section. Thank YOu!
BITSTAMP:BTCUSDLong
by CoreCrypto1
4
🚩Symmetrical Triangle🚩 #️⃣OKXIDEAS !!!👨‍🏫Hello, everyone!👋 (Reading time less than 7 minutes⏰). I’m here with another educational post to help you learners become super traders gradually. 🔅 As you know, various tools are usually used in any financial market to analyze all types of stocks, cryptocurrencies, and assets. Chart patterns are one of the essential tools used in technical analysis, and analysts evaluate the market movement and prepare to trade based on technical-fundamental studies. 🔅 The Symmetrical Triangle is one of the most used classic continuous patterns in the field, but it can sometimes turn into reversal patterns, as some analysts say. 🔷 So I’ll explain the following in this article: Defining the triangle pattern Getting to know the structure of a Symmetrical Triangle Types of Symmetrical Triangles How to trade using the Symmetrical Triangle pattern Price target after Symmetrical Triangle pattern The importance of trading volume in the Symmetrical Triangle pattern --------------------------------------------------------------------------------------------------------- Triangle Pattern: 🔅The triangle pattern is one of the most well-known patterns many traders spend time on. A triangle is a trend continuation pattern that can occur in upward or downward trends. This triangle pattern is formed when a stock, cryptocurrency, or whatever shrinks towards an uptrend or downtrend. The pattern represents a pause in the price trend, and the price consolidates in a range. 🔅 The triangle pattern consists of two converging lines with different slopes depending on the type. At least four major pivots are needed in the specific time frame to form a triangle pattern. Basically, to form a triangle, 45 to 60 candles are needed in the specific time frame. 🔅 The take-profit of this pattern is considered the distance from the first top to the first bottom inside the triangle. 🔷 According to research, 84% agree that the triangle pattern is a continuation pattern that is divided into three types as follows: Symmetrical triangle Ascending Triangle Descending Triangle --------------------------------------------------------------------------------------------------------- One of the types of triangles that can lead you to money is Symmetrical Triangle which I’ll explain here: Symmetrical Triangle Pattern in Upward Trends: Take a look at the picture below. You can see the price forms tops and bottoms after an upward trend and then forms lower tops and higher bottoms. 🔅 Now try to draw a resistance line at the top and a support line at the bottom. What do you see? Yeah! That’s a triangle. These two lines will make a tip called the triangle's apex. If the four pivots(at least), two tops and two bottoms, are connected with a line, you can say a Symmetrical Triangle pattern in an upward trend has occurred. 🔅 It’s noted that if the price breaks the support trend line and drops, you’ll see this as a reversal pattern or a Symmetrical Triangle in the downward trend. Not always; a Symmetrical Triangle is a continuous pattern. So Watch out! Here’s a picture of a reversal Symmetrical Triangle and how to trade while it is considered a reversal. How to trade on the Symmetrical Triangle in an upward trend: 1-After the pattern completes, you must wait for the pattern to give us the entry confirmation(the upper line of the Symmetrical Triangle). 2-Try to open a long position when the real breakout happens. That can make a good profit. The real breakout occurs when a green candle like the Marubozu candle closes above the upper line of the Symmetrical Triangle or the resistance line. 3-Don’t forget to put a stop-loss. That will be below the breakout candle or below the prior candle’s bottom. The distance between the first top and the first bottom in the triangle would be one of high risk-to-reward ratio take-profit points. The other way to take the profit is to draw a line from the first top facing the support trend line along. --------------------------------------------------------------------------------------------------------- Symmetrical Triangle Pattern in Downward Trends 🔅 Another trend that a Symmetrical Triangle can move is downward trend when the price continues downward after forming the pattern. 🔅 Luckily, one of the best tools that can help you earn lots of money is the Symmetrical Triangle because it supports two-sided markets. But the question is how this type of triangle forms. Stay with me. 🔅 Imagine you’re walking through the bushes for a long time, then you’ll get tired, and you don’t feel energetic in your feet to move on. So do buyers and sellers in the financial markets. 🔅 When the price of an asset enters a converging trend of lower tops and higher bottoms, buyers and sellers test how strong the trend is. The buyers make bottoms at a higher price as sellers prevent the creation of a higher top. 🔅 In this case, the sellers are mostly winners, so better to be a seller rather than a buyer. Like the pattern I already discussed, the Symmetrical Triangle pattern in a downward trend needs at least four significant pivots to be confirmed. 🔅 There's also a possibility of breaking the upper line of the Symmetrical Triangle on the top after the Symmetrical Triangle pattern formation. The reversal pattern has occurred in this case, and the long position is considered a plan. How to trade on the Symmetrical Triangle in a downward trend: 1-You have to wait for the candles to break the lower line of the Symmetrical Triangle. But the only key point is that if the breakout is valid. So if the breakout candle closes below the lower line of the Symmetrical Triangle, it’s time to open a short position. 2-The stop-loss will be above the last top. Therefore, in case of opening a short position on an asset, you can also place your stop-loss above the breakout candle for a higher risk-to-reward ratio. 3-The price targets will be 1) the distance between the first bottom and the first top, or 2) you can draw a line from the first bottom facing the resistance line. 🔷 Below, you can see a Symmetrical Triangle in a downward trend and how you can trade with it. --------------------------------------------------------------------------------------------------------- The Importance of Trading Volume in the Symmetrical Triangle Pattern 🔅 The asset chart is in correction as long as the price chart is inside the Symmetrical Triangle pattern. 🔅 The trading volume in the pattern process will be neutral as most traders are waiting for the follow-up movement of the asset. 🔅 The closer the chart gets to the apex of the triangle to depart from the pattern, the range of fluctuations and the trading volume become less and less. 🔅 The importance of trading volume in the Symmetrical Triangle pattern can be seen near the exit from the pattern. 🔅 If the previous trend of the chart was bullish, it is likely that the trading volume will increase dramatically if the pattern is broken. 🔅 Also, the trading volume will decrease near the triangle's apex, but it increases instantly after breaking out, whether it is an upward or downward trend. 🔅 For this purpose, examining the trading volume in different areas of the pattern can greatly help us better understand the trend and predict the future of the asset. 🔅 In a way, you always have to wait for the chart to go out of the pattern, and by checking the direction of the trend and trading volume, you can make a better decision about buying or selling your currencies. --------------------------------------------------------------------------------------------------------- Symmetrical Triangle in Elliott Theory The Symmetrical Triangle called the “Contracting Triangle,” is a basic pattern in Elliott Waves. Elliott triangles can be considered one of the stable consolidation patterns in the market, which can be divided into five waves. To return, each of these five waves carries three sub-waves. The waves of the triangle are named A, B, C, D, and E. The Symmetrical Triangle can often be seen as a continuation pattern that creates a pause in the trend and then resumes. In this pattern, wave A, which is the biggest wave in the pattern, can be a zigzag, double zigzag, triple zigzag, or a flat pattern, and wave B can only be a zigzag, double zigzag, or triple zigzag. Waves D and C can also move in their pattern by a zigzag pattern, and finally, an E wave is formed, which can be a zigzag, double zigzag, triple zigzag, and sometimes a triangle. In a Symmetrical Triangle, waves B, C, and D often cover 61.8% of the previous wave. Finally, by drawing this pattern's up-and-down trend lines, the lines get close to each other and cannot be parallel. --------------------------------------------------------------------------------------------------------- Conclusion: 🔔 In this article, you learned about the Symmetrical Triangle and how to trade using the pattern. You now know where to enter and exit the market to make a suitable profit. Don’t forget to follow your capital management to lower the trading risks.
Education
by pejman_zwin
17