Showing posts with label trend reversal. Show all posts
Showing posts with label trend reversal. Show all posts

Thursday, June 12, 2008

Symmetrical Triangle in 15M Chart..












Wait for valid breakout - HOT KNIFE CUT BUTTER CANDLE..
Note: Symmetrical triangles may mark important trend reversals; but they more often mark a continuation of the current trend. Regardless of the nature of the pattern, continuation or reversal, the direction of the next major move can only be determined after a valid breakout. We should not anticipate the direction of the breakout, but rather wait for it to happen.