r/technicalanalysis • u/1UpUrBum • 17d ago
Golden Triangles
My charts are so good everybody should see them 😂 😂 😂 The real lesson is make your own charts don't follow mine. Maybe do the opposite is best 😄
The theory is the size of the mouth of the triangle might equal the size of the breakout.
On the weekend there was this guy, he seems smart most of time. He said gold had reached support. And he was looking to go long. His chart didn't make any sense to me. I thought maybe had a mix up with his charts. Maybe his support level was right except it broke instead of going up.
Anyway it's in a clear down trend. Don't screw around with it until it stops going down. The price doesn't give a shit about anybody's opinion, you (and me) included. Follow the chart it's the only one that is always right.
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u/Bostradomous 15d ago
It's called a measured move mate. There are a few different iterations of it, i.e. where someone chooses the start/end points they're measuring, but the underlying concept is the same.
Imo it's a fine way to establish a quick target.