You've got any limit orders prepared like on the USD/CAD in the decrease TL?
Extremely pleasant.
Not everyone likes them, and that's fine by me but nothing does a better job of predicting turning points and places of value like a pitchfork can in my own experience. Like anything else that they take time to learn and trust and that I am still far out of control.
I saw the possibility in these while I was testing them sometime back, but I just found something more pleasant and more precise operation-tools for my taste. It's all about preference, I would presume.
I was testing them as well as an added tool in my box, but since you wrote same thing happened to me personally. I prefer my good old lines
The thing with trendlines is that they're reactionary - you'll need two things to draw a trendline whereas PF's are predictive, they signify where the second stage that the trendline trader is looking for may be and even the trendline trader may need to wait around for the third test to take a trade, and from there price has contested it enough times to consume up many of the limit orders that make the level significant. At least this has been my rationalisation.
But if a approach makes money then it's all good by me.
According to Igrok we could draw any line between two given things in the world which doesnt make it a substantial line. We need 3rd touch to make it significant. Anyhow as you said whatever works for us is the key
Ascending triangle on the GBP/USD 4hr chart
T. Bulkowski says: The ascending triangle is a Fair performer despite its reputation as a Trusted chart pattern. In Reality, the ascending triangle performs best when the breakout is downward, particularly in a bear market.
Any clues?
I understand this is for trade ideas but I needed to stick this up one there for you pitchfork haters. (j/k)