Why I don't like triangles

20 Jan 2021

So to answer one of my follower's questions about triangle patterns I released a video with a very basic overview of the pattern and how it has worked in the past. I alluded to one of the issues with triangle patterns in the video which is that often times a false breakout can lead to a redrawing of the pattern. I don't like this at all. Trading chart patterns can be very arbitrary.

Right now Bitcoin is "breaking" one of the possible lower lines of the triangle pattern on the 4h. Is this a real breakout... or is it just matching with another established low to make a wider triangle? I am watching with everyone else but not trading this breakout.

20 Jan 2021

Nota

What I wanted to convey is that often times chart patterns are arbitrary and seen in the eye of the beholder.