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$212January 24, 2014
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Hello Theo,
The attached image is from the article 'Chart Patterns - Part 3' on the 'Forex Basics' page.
Please refer to the highlighted text. I don't understand what you mean when you say, 'quite minor' and 'looking for a split double tap'? Would you be able to clarify this for me.
Thank you,
Pepe.
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Without you (price action), I am not worth a [s]cent.
$8001983February 26, 2011
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Wording these things is not easy but I see how that could have been confusing.
I have re-worded it now
"It is consecutive higher lows and lower highs that define this pattern. If the higher lows and lower highs that are being made were very close together then up to a point you may still be looking for a split double tap pattern, try not to mix them up. This pattern can be traded once price picks a direction and gets out of the triangle. The only safe way to do that is by allowing it to break out, waiting for the pullback, and using the double tap concept in a slightly different way."
Cheers,
Theo
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$212January 24, 2014
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Hello Theo,
I'm still somewhat confused as to what you are saying in the above. When you are saying, "the higher lows and lower highs that are very close together," are you referring to a triangle with gently sloping sides such that there is very little difference in the magnitude of the waves as in diagram '2' in the attached image?
When you say don't mix them up, to you mean that a triangle like I've described above could be played as a split double tap, while a regular triangle is played as per the article, by waiting for the breakout pullback?
Pepe.
Without you (price action), I am not worth a [s]cent.
$8001983February 26, 2011
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You basically hit the nail on the head.
All in all I put a lot more weight in horizontal lines than angled,
I only trade the break of a horizontal price point and use angled information only as information.
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