heehee - target of the triangle,
(60 min. NDX chart, starting Jul 11 low for those who might ask).
Yep although not all authors use a measure on triangles, some use the absolute points measure, some use the geometrical drawing on a log chart.
Most measure their target from the breakpoint of the triangle.
For the short term graphs, I use absolute points (and if I am wrong and should have used the geometrical measure, I call this an overreaction <ggg>).
So, I have the breakpoint 1666ish for this hour, and would expect a target of 1666-175 = 1500ish. If it was to break here and now.
I have the apex 1693ish around 25-26 Jul.
Most authors expect the triangle to be broken between 2/3rd or 3/4th of it's lenght.
3/4th lenght will bee at noon today. If we don't break (up 1720ish, or down 1670ish) the triangle would be invalidated.
Another author uses a 21 bar method on the triangles,...others...
My KISS method, let the triangle have false exits, support and resistance lines remain valid. And measure the points for a break above resistance or below support.
What matters today is that the almost symmetrical triangle indicates an imminent strong move.
Now, wheter it is bullish or bearish, all depends on how you baptise the trend before the triangle chartpatterns.com |
