EURUSD Triangle Breakout

This is a discussion on EURUSD Triangle Breakout within the Daily Analysis forums, part of the Commercial category; 1.21900 and 1.22900 are the next targets of the pair....

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Old Jan 13, 2018, 11:12am   #1
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EURUSD Triangle Breakout

1.21900 and 1.22900 are the next targets of the pair.
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Old Jan 13, 2018, 2:31pm   #2
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If using ascending triangle pattern (looks good to me by the way) to get in, does this mean you'll be automatically exiting at the target? Or possibly holding on after re-assessment?
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Old Jan 13, 2018, 3:03pm   #3
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If using ascending triangle pattern (looks good to me by the way) to get in, does this mean you'll be automatically exiting at the target? Or possibly holding on after re-assessment?
My target first target is 1.22900. Then I will be targeting 1.24000. This will be my level to sell.
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Old Jan 14, 2018, 3:13am   #4
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1.21900 and 1.22900 are the next targets of the pair.
I disagree that it is a triangle pattern because it doesn't meet the conditions used to define a triangle. For example, the triangle pattern contains five overlapping waves that subdivide 3-3-3-3-3 (page 49 Elliot Wave principle by Frost and Prechter). The key conditions I have highlighted.

There are variations of it such as :

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Old Jan 14, 2018, 4:48pm   #5
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Brumby, I 'm not saying these guys aren't good technical analysts, but they don't have a world monopoly on the definition of an ascending triangle. Other definitions exist and are perfectly usable.
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Old Jan 14, 2018, 11:40pm   #6
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Brumby, I 'm not saying these guys aren't good technical analysts, but they don't have a world monopoly on the definition of an ascending triangle. Other definitions exist and are perfectly usable.
I am not being pedantic for the sake of it. Triangles are unique because they provide reasonably precise minimum measured move targets due to the internal price structure of the triangle. Additionally a triangle always occurs in a position prior to the final actionary wave in the pattern of one larger degree.

Looking at the price pattern of the example in question I am happy to be pointed to an authority regarding another definition that will fit in the example used. I referred to Edwards and Magee and reading that chapter on triangle I would be hard pressed to make that argument of a triangle. I did not check Bulkowski though.
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Old Jan 15, 2018, 8:51am   #7
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I am not being pedantic for the sake of it. Triangles are unique because they provide reasonably precise minimum measured move targets due to the internal price structure of the triangle. Additionally a triangle always occurs in a position prior to the final actionary wave in the pattern of one larger degree.

Looking at the price pattern of the example in question I am happy to be pointed to an authority regarding another definition that will fit in the example used. I referred to Edwards and Magee and reading that chapter on triangle I would be hard pressed to make that argument of a triangle. I did not check Bulkowski though.

But that's my point, chart patterns do not provide precise targets so increased precision in their identification is not a route towards improved outcomes.

Patterns are like impressionist art rather than photographs - you can tell what's there from the mass of colour and form, but you'd never take it into court for ID-ing a suspect. Getting closer and closer to an impressionist picture just doesn't help.
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Old Jan 15, 2018, 10:52am   #8
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But that's my point, chart patterns do not provide precise targets so increased precision in their identification is not a route towards improved outcomes.

Patterns are like impressionist art rather than photographs - you can tell what's there from the mass of colour and form, but you'd never take it into court for ID-ing a suspect. Getting closer and closer to an impressionist picture just doesn't help.
The title of the thread is coined a triangle breakout and not just simply breakout. The specificity itself suggest a particular pattern is being considered. I did not set the premise but I am questioning the accuracy of the premise. Secondly, I have said that triangles are unique in its attributes in terms of post breakout measured moves. It is a different conversation on whether clearer identification will result in an improved outcome.
I am still open to you or the OP that will point to some authoritative work that fits the definition of a triangle pattern as evident before us.
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