Looking for a pullback and last test of long trending Symmetrical Triangle. Daily RSI readings have gave us insightful hints as to when Gold has been overbought and oversold. Currently we are at midline, however the trend is lower.
Compute the height from the highest peak (point A in The Measure Rule figure to the right) to the lowest valley in the pattern (B) then multiply it by the above “percentage meeting price target.” Add it (upward breakouts) or subtract it (downward breakouts) from the breakout price. The breakout price is the point at which price pierces the trendline. The figure shows an upward breakout with target price C.
Patterns with heavy breakout volume (above the 30-day average) do better.
Triangles with breakouts within a third of the yearly low perform best. In this case around 1615.
Triangles perform best post breakout when they appear at the start of trends.
Throwbacks and pullbacks hurt post breakout performance.
thepatternsite.com/st.html
Trading View
Compute the height from the highest peak (point A in The Measure Rule figure to the right) to the lowest valley in the pattern (B) then multiply it by the above “percentage meeting price target.” Add it (upward breakouts) or subtract it (downward breakouts) from the breakout price. The breakout price is the point at which price pierces the trendline. The figure shows an upward breakout with target price C.
Patterns with heavy breakout volume (above the 30-day average) do better.
Triangles with breakouts within a third of the yearly low perform best. In this case around 1615.
Triangles perform best post breakout when they appear at the start of trends.
Throwbacks and pullbacks hurt post breakout performance.
thepatternsite.com/st.html
Trading View