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Triangle Patterns seen on the hourly charts in the "DAX". First the big one, which is somehow a "Symmetrical Triangle". As it is on such a bigger time frame, I would value it as good, means the message would be: Market will go up sooner than later:
Some more info's on the topic with even an idea about how traded volumes can give a message to it:
An other pattern seen on a smaller time frame, even on the hourly chart in the "DAX" is this one: "Ascending Triangle".
Even here it gives some kind of message that market could make some moves to the northern hemisphere:
And this is the situation this morning (05.May). The first time I became aware of these triangles was when I dealt with "Linda Bradford Raschke". She was at the time an absolute fan of these patterns and has concentrated in her trading approach very strongly on these.
I'm curious, when you draw the bottom trendline, how come you are passing thru at least 4 bars of data in May?
This has always been something that bothered me with trendlines - they don't seem to be exact. Maybe for discretionary trading this is acceptable, but programming an algo to draw a line like this might be tough.
Maybe I am missing something here, if you can comment that would be great.
What you are addressing here is perfectly ok from my point of perspective. I still see trading from the point of view of a discretionary trader and not from the point of view of a system trader or algo trader, however you want to define it.
I personally don't mind these strings to the downside when drawing a line. The same goes for sticks to the top. I am interested in an overall picture/pattern on a larger chart. 60 min charts are not exactly a trifle and that there are always such strings and sticks to be seen is to be accepted from my point of view. In trading nothing is perfect, so why get upset about such things on such bigger time frames. In very small time frames this looks completely different and there more precision is asked for.
I chart and search patterns for over 17 years in various time windows and markets and find that time windows of 60 Min and larger are ideal to do this, because the larger the time window, the more significance these patterns have. This is my personal experience over the years and others may see it differently when it comes to this time frames.
Also, I do not come from pure, naked futures trading, but from options trading. This with option spreads and especially hedges against futures.
But this is not the topic of this thread. Thus I show here only patterns. Patterns, which from my point of view and experience, also after my way how I draw them and really see on the current chart, have a real significance. I think that I may say here really quite clearly that the results of each individual pattern, which I have addressed here so far, speaks its own language.
Of course, everyone here must decide for themselves what he wants to do with such ideas, but each individual has seen it once, also the results and perhaps also gets fun in the future in discretionary trading to look out for such ideas.
