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Speculator · 30-03-2004, 17:16

Snprr,
I’d like to clarify something else that might be confusing. The name of the thread “Descending triangles” is probably a bit misleading… I wanted to change its name to “contracting triangles”, but once you open a thread you can’t change the name anymore. So, in the first chart you might be talking about the smaller (about 5 day) descending triangle, and how I decided that it’ll break its supply(upper) line(second blue arrow)?!? The answer is simple…. I think that 80% of the triangles in forex at some point end up being symmetrical triangles (at least those that you can see on the 1-4hour charts and continue about 1-2 weeks, as in our case) …so, that played major role when projecting the second blue line penetrating the supply line of the smaller descending triangle and going to the top of the bigger symmetrical triangle.
Hope this clears most of the confusions in the chart…

Cheers…

P.S. Last 3-4 days formed another triangle… but this time Expanding one. See chart.

30-03-2004, 17:16	#28 (permalink)
Speculator lost in time Join Date: Jan 2004 Posts: 393 Rep Power: 0	Snprr, I’d like to clarify something else that might be confusing. The name of the thread “Descending triangles” is probably a bit misleading… I wanted to change its name to “contracting triangles”, but once you open a thread you can’t change the name anymore. So, in the first chart you might be talking about the smaller (about 5 day) descending triangle, and how I decided that it’ll break its supply(upper) line(second blue arrow)?!? The answer is simple…. I think that 80% of the triangles in forex at some point end up being symmetrical triangles (at least those that you can see on the 1-4hour charts and continue about 1-2 weeks, as in our case) …so, that played major role when projecting the second blue line penetrating the supply line of the smaller descending triangle and going to the top of the bigger symmetrical triangle. Hope this clears most of the confusions in the chart… Cheers… P.S. Last 3-4 days formed another triangle… but this time Expanding one. See chart. Attached Thumbnails Last edited by Speculator; 04-04-2004 at 09:59.