Triangle drawn two ways
CHPT could be a triangle of two different types.
If you use the 3 most recent swing lows, it's a triangle. (Shown with grey line.)
If you used the previous 4 swing lows, it'd have a flat bottom. (red line at bottom) That'd be a descending triangle.
Right now, it looks like the former so I've gone long. If loses, and the goes down to the red line, I'll cut my losses on long term positions as well.
Anything could happen, but I don't like the odds on descending triangles. I'd rather find another trade in that case.
If you use the 3 most recent swing lows, it's a triangle. (Shown with grey line.)
If you used the previous 4 swing lows, it'd have a flat bottom. (red line at bottom) That'd be a descending triangle.
Right now, it looks like the former so I've gone long. If loses, and the goes down to the red line, I'll cut my losses on long term positions as well.
Anything could happen, but I don't like the odds on descending triangles. I'd rather find another trade in that case.
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