$SLP - Symmetriacal triangle trading
A Simple plan for a self defeating symmetrical triangle. If your are not sure as to which side its going to break to, you can create a dual trading plan. For instance if c is penetrated then a short will be triggered, conversely a long position will be opened when d hits. This is one ewt you can never loose in 1) its easy to identify and 2) it gives you the opportunity to go in either direction
Scenario 1: wave marked pink
This implies that we have a bearish setup and hence expect a breakdown. Since we know that E can't go above D, a long position is placed slightly above D
Scenario 2: wave in brackets
Conversely, E can't go below (D) and an ideal position for a short would be just below (D)
This setup prepares you for anything the market direction
Scenario 1: wave marked pink
This implies that we have a bearish setup and hence expect a breakdown. Since we know that E can't go above D, a long position is placed slightly above D
Scenario 2: wave in brackets
Conversely, E can't go below (D) and an ideal position for a short would be just below (D)
This setup prepares you for anything the market direction
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