v8power wrote:Jalarupa wrote:v8power wrote:Ja would you still agree with this post
"This is all that you really need to know to draw a triangle:
There are only two types of triangles and they are the CONE & PENNANT.
BOTH the CONE & PENNANT exist at the same time because a TRIANGLE is nothing more than TWO CHANNELS that cannot agree on direction.
While they are two channels, thus technically the same, they are different in spirit.
A pennant will generally be quiet with a false break or two and re-entry.
A cone will generally be extremely noisy with multiple high/low breakouts and an intense desire to bungee dive in the opposite direction and snap back yet again...it will often leave you feeling mentally exhausted just looking at it.
Each triangle will have its own complex pattern but somehow adhere to its basic shape of two lines pointing in opposite directions.
The #1 rule to drawing triangles is NOT TO INCLUDE THE BREAKOUT as part of the triangle.
You think including the BO at part of the triangle makes the pattern look pretty? It is pretty, pretty stupid!
The #2 rule is to EITHER draw the pennant OR the cone, not both; it looks more like a...what is the spirit of this triangle (cone or pennant?).
THE #3 rule is NOT TO USE STEEP ANGLES when drawing triangles.
There is another word for a steep angle, we call it...A BREAKOUT...& breakouts are not part of triangles.
9 times out of 10 if you draw a triangle and it has no false breaks then you drew it incorrectly.
HOW DO WE TRADE A TRIANGLE?
You know how to trade a BDP because you know the 'spirit' of the BDP is to point in the direction of profit.
You know how to trade a wickdoll because it points in the direction of loss.
So looking at a triangle you can also feel its spirit and internally know what to do.
In the last picture you are short and you see many new lows forming the bottom of what looks to be a cone.
You get a massive momo to the breakout and instant reversal (very cone like behavior) followed by yet another low break and momo reversal.
Next we get multiple pivot breaks followed by a low break...we know the spirit of the cone, we know where this is going"
Yes, this post sums it up wonderfully by the master himself and it's one of my most important posts for what I do... Although I may deviate in my interpretation of the rules from time to time... The results that I get are good enough that I am happy with my interpretation... But yeah the break out break in system is a wonderful to exploit within a cone...Makes trading extremes super easy
Ok cool. Just put about 30 pages together of idea's and charts or angles and cones from you and MO, based off that. So I have my cheat sheet now
and thanks to you all.
just feel myself still as a student of the students (and of the masters ofcourse)
Jala, little question:
a number of pages ago you showed a screenshot of your indicators.
one of them manta_average_price.....
is that one who shows a line where your avg price is (such a indi i have), or is it different??