yes, the descending triangle is dead for the moment. ;)
It gets easier and easier to spot triangles in the forex market because we see them constantly.. LOL
traderWgun
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yeah exactly :P
dojitrader
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How interesting . . . Was just working on the same set up myself,
so, you "beat me to the post". Can't think of anyone better to post
before me, however, I do have a slight addition, so, I think I'll post
anyway.
Noticed your stop loss is at Pt a of the triangle. Is that based more
on support or am I wrong in thinking that below c of the triangle makes
the triangle idea invalid ?
AND, congrats on all those pips you put in your pocket from
the NZ trades ~~~~~ I'm looking rather green with envy !
traderWgun
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Thank you for the nice words, Dojitrader.
I always put the stop loss below wave A.
There's of course different interceptions and rules for EW,
but I use those rules for triangles: wavemagician.com/rules.htm What a look for is those three rules to stay relevent for wave E:
"In a CT, Wave E will be less than Wave D by price"
"Wave E must end in the price territory of A."
So, yeah. You are right, the stop loss should indeed be tighter from an EW perspective,
but I don't mind a bit wider stops.
Is it possible that price is in a much larger triangle for wave B on audusd? I'm not sure your idea is dead yet.