All language subtitles for 3. Triangle Chart Patterns

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These are the user uploaded subtitles that are being translated: 1 00:00:00,420 --> 00:00:05,790 In terms of chart patterns, one of the more common ones you'll see out there are triangles and really 2 00:00:05,790 --> 00:00:10,550 what's happening with there is there's a convergence of a support and resistance levels. 3 00:00:10,770 --> 00:00:12,270 So think of it again. 4 00:00:12,270 --> 00:00:17,120 I think of support levels as prices don't go below a support level, they're bouncing off the bottom. 5 00:00:17,310 --> 00:00:22,020 There's a level where they're not breaking through or going lower and a resistance level, the high 6 00:00:22,290 --> 00:00:26,310 part of prices where prices maybe are marching up to a resistance point, but they don't break through 7 00:00:26,310 --> 00:00:26,900 that resistance. 8 00:00:26,910 --> 00:00:32,070 They kind of turn around and start coming back down and they're trading between these support and resistance 9 00:00:32,070 --> 00:00:32,340 level. 10 00:00:32,340 --> 00:00:35,640 But with a triangle, you know, these things are starting to come closer together. 11 00:00:35,640 --> 00:00:37,710 They're converging as what's happening. 12 00:00:37,950 --> 00:00:40,770 And they could be there in a rising or declining prices. 13 00:00:40,770 --> 00:00:43,110 You know, the trend could be either going upward or downward. 14 00:00:43,410 --> 00:00:47,820 And so what's happening is the trading price range is starting to converge or narrow. 15 00:00:47,970 --> 00:00:52,020 Maybe we started out here and then it's starting to get narrower here and it actually forms the shape 16 00:00:52,200 --> 00:00:53,040 of a triangle. 17 00:00:53,040 --> 00:00:54,780 And you'll see it in the upcoming lessons here. 18 00:00:55,110 --> 00:01:00,600 And then what happens is the breakout when it breaks through one of those lines, either a support level 19 00:01:00,600 --> 00:01:06,180 or resistance level, when it actually breaks through those and then starts going going further in either 20 00:01:06,180 --> 00:01:11,520 direction, whichever way it's going to go, it usually will break in the direction of the original 21 00:01:11,520 --> 00:01:13,560 trend with a triangle that's very important. 22 00:01:13,710 --> 00:01:16,530 You'll break in the original direction of a trend with a triangle. 23 00:01:16,540 --> 00:01:21,210 So if the original direction, let's let's say upwards and the triangle forms and starts to converge, 24 00:01:21,480 --> 00:01:26,520 then if it's if it's an upward trend, break through that resistance level at the top and then break 25 00:01:26,520 --> 00:01:29,280 through to higher prices because an uptrend is higher prices. 26 00:01:29,310 --> 00:01:33,780 So if we bought here and we're starting to see a nice uptrend in a triangle forms, you know, that's 27 00:01:33,780 --> 00:01:37,380 a nice that's a nice pattern to kind of stick in there and let it break through. 28 00:01:37,380 --> 00:01:39,860 That's that resistance level and we'll be seeing that. 29 00:01:40,170 --> 00:01:43,230 So because think about again, this chart patterns go with triangles. 30 00:01:43,410 --> 00:01:45,000 They are continuation patterns. 31 00:01:45,000 --> 00:01:49,380 And that's why you'll follow whatever the way that original trend is, either upwards or downwards, 32 00:01:49,380 --> 00:01:54,180 because it is a continuation pattern as opposed to a reversal pattern, which would go the opposite 33 00:01:54,180 --> 00:01:54,330 way. 34 00:01:54,330 --> 00:01:57,090 But these are continuation patterns, as you'll see in here. 35 00:01:57,390 --> 00:02:00,870 Look at, let's say, not at the very beginning, but kind of started the middle. 36 00:02:01,160 --> 00:02:06,510 Do you kind of see if you look at the highs and the lows, you know, if we were to draw lines connecting 37 00:02:06,510 --> 00:02:11,700 those high highs and those low lows, you know, does it look like it's headed in a certain direction? 38 00:02:11,710 --> 00:02:14,040 Does it look like a triangle is forming? 39 00:02:14,040 --> 00:02:17,070 And it's not like, I believe the word isosceles triangle. 40 00:02:17,070 --> 00:02:21,880 All the sides are equal, you know, be more of a quality boy. 41 00:02:21,930 --> 00:02:23,520 It's been a long time since I talked about that. 42 00:02:23,760 --> 00:02:26,550 But the idea is that a triangle is forming here and you see it. 43 00:02:26,580 --> 00:02:30,640 Well, let's let's put in those resistance and support lines here and now. 44 00:02:30,720 --> 00:02:33,360 Hopefully, you can see, you know, the triangle as it is. 45 00:02:33,360 --> 00:02:34,440 It's forming here. 46 00:02:34,470 --> 00:02:40,050 And and you can see that higher highs were not me, but the uptrend is going to continue on this. 47 00:02:40,050 --> 00:02:43,110 So and the prices don't reflect new lows either. 48 00:02:43,110 --> 00:02:46,140 They're trading within that resistance and support line. 49 00:02:46,760 --> 00:02:48,060 Those those lines up there. 50 00:02:48,270 --> 00:02:50,160 And you can see how they're converging together. 51 00:02:50,160 --> 00:02:51,450 They're getting closer together. 52 00:02:51,690 --> 00:02:56,670 So if we start the far left or the triangle or that dotted line is and then you can see how the prices 53 00:02:56,670 --> 00:03:01,950 went up to that resistance line but didn't keep going with the uptrend, didn't keep going. 54 00:03:02,100 --> 00:03:03,900 It turned around and went back downward. 55 00:03:03,900 --> 00:03:05,130 So now it's going downwards. 56 00:03:05,340 --> 00:03:07,140 And then it hit that support line. 57 00:03:07,140 --> 00:03:09,870 But it didn't break through there either, then turned around and went back up. 58 00:03:10,410 --> 00:03:14,490 And there's always ups and downs as you go throughout, but then march back up to that resistance line 59 00:03:14,790 --> 00:03:17,580 and so on and so on with multiple touches. 60 00:03:17,820 --> 00:03:19,860 And you can see how the trading range zero. 61 00:03:19,870 --> 00:03:25,680 So that is was called an ascending triangle ascending because that's an upward trend in the in the triangle. 62 00:03:25,950 --> 00:03:32,340 The bottom line, that support line is going sloping upwards where the resistance line is more is more 63 00:03:32,730 --> 00:03:33,780 horizontal there. 64 00:03:34,260 --> 00:03:38,010 So that's an ascending triangle, which is a continuation idea. 65 00:03:38,610 --> 00:03:43,050 And so when you buy on this, so you're buying when it's getting to that low, it's getting close to 66 00:03:43,050 --> 00:03:44,040 that support line. 67 00:03:44,040 --> 00:03:44,340 Right. 68 00:03:44,340 --> 00:03:46,770 So you're you want to let the trend develop. 69 00:03:46,770 --> 00:03:48,000 You want to let the triangle develop. 70 00:03:48,000 --> 00:03:49,410 That's the key thing with patterns. 71 00:03:49,410 --> 00:03:53,560 You don't want to say, oh, I first saw it, you know, hit that first that first touch of that line. 72 00:03:53,560 --> 00:03:57,660 And by then, we don't know yet whether that's going to kind of reverse around. 73 00:03:57,960 --> 00:04:02,700 So typically, you want to buy in like the second or third touch of a support line. 74 00:04:02,700 --> 00:04:07,950 And the more touches a support line has, the more approaches or close or near touches it has, the 75 00:04:07,950 --> 00:04:13,800 stronger the indicators that that trend is holding, that those price levels are holding and and becoming 76 00:04:13,800 --> 00:04:14,460 more predictable. 77 00:04:14,460 --> 00:04:15,000 In this case. 78 00:04:15,000 --> 00:04:18,450 We've got you can see where we started to the far left, kind of where the dots are. 79 00:04:18,630 --> 00:04:21,980 And we got one, two, and look at the third one where it's approached. 80 00:04:22,170 --> 00:04:25,950 And once it makes that turn away from that at the third one, that's when we buy it. 81 00:04:26,220 --> 00:04:28,830 So that's a very strong confirmation. 82 00:04:29,400 --> 00:04:34,860 You can also use a second indicator to further confirm, you know, with with volume or a moving average 83 00:04:34,860 --> 00:04:37,680 or some other type of care to help you confirm as well. 84 00:04:37,860 --> 00:04:40,590 You don't have to trade just off the triangle. 85 00:04:41,190 --> 00:04:44,730 You could you could buy on that second touch, by the way, in. 86 00:04:44,730 --> 00:04:45,780 That's perfectly fine. 87 00:04:46,830 --> 00:04:49,350 The third touch just gives you a little bit more confirmation. 88 00:04:49,350 --> 00:04:51,270 You know, the more touches, the more confirmation. 89 00:04:52,110 --> 00:04:54,630 And the idea is we bought there on that third touch. 90 00:04:54,630 --> 00:04:58,830 It went up a little bit, actually, then came back down and then touched again for fourth time, then 91 00:04:58,830 --> 00:04:59,840 went back up again. 92 00:05:00,570 --> 00:05:04,770 But you can see what that support line that we've established, that support line, the third touch 93 00:05:04,770 --> 00:05:10,470 to help support that support line, and then it actually reinforced with the fourth touch there and 94 00:05:10,470 --> 00:05:13,350 then the prices went up and you can see our profit between where we bought. 95 00:05:13,590 --> 00:05:17,730 And then if we want to sell at the top of that resistance line, we could or if we wanted for it to 96 00:05:17,730 --> 00:05:21,990 turn back around again, we could hope for another touch, that support line. 97 00:05:22,380 --> 00:05:23,940 But we've seen this ascending triangle. 98 00:05:23,940 --> 00:05:26,180 You see how everything's getting narrower, the price range. 99 00:05:26,520 --> 00:05:31,560 So now it's getting a little bit more closer as far as will it turn around or will it resist, Will, 100 00:05:31,570 --> 00:05:36,210 to break through that resistance line or if it goes back, will break through the support line because 101 00:05:36,210 --> 00:05:38,940 the triangle is converging, it's getting narrower. 102 00:05:38,940 --> 00:05:40,830 That's the whole idea of the pattern. 103 00:05:41,580 --> 00:05:44,280 And that's in because it's a continuation pattern. 104 00:05:44,580 --> 00:05:47,880 We have a better chance of the breakout, of course, happening. 105 00:05:47,970 --> 00:05:52,260 And the whole idea is it's going to break out on the top end because this is ascending triangle. 106 00:05:52,560 --> 00:05:57,480 Prices before were rising and then they got into this triangle pattern where they went up, they went 107 00:05:57,480 --> 00:05:59,670 down, they went up, they went down and then started to converge. 108 00:05:59,910 --> 00:06:03,750 And as they got tight and converged, then somebody had to win the pulse of the bear. 109 00:06:03,750 --> 00:06:07,320 Someone had to win and it had to break or resistance line or support line one time. 110 00:06:07,560 --> 00:06:11,820 And since triangles are considered continuation patterns, your breakout is going to be in the direction 111 00:06:11,820 --> 00:06:13,290 of whichever way the trend was. 112 00:06:13,500 --> 00:06:17,490 And the previous trend was an uptrend in this example or in ascending triangle. 113 00:06:17,920 --> 00:06:23,730 It is always a breakout to the higher end because you can see the support line has an upward slope to 114 00:06:23,730 --> 00:06:23,790 it. 115 00:06:23,790 --> 00:06:27,510 So that's where your breakout is now in a descending triangle. 116 00:06:27,510 --> 00:06:30,150 It's the same concept, just the other direction. 117 00:06:30,150 --> 00:06:35,910 You see how our support line now is horizontal and our resistance line has a slope and it has a downward 118 00:06:35,910 --> 00:06:39,240 slope in a downward trend leading into it. 119 00:06:39,240 --> 00:06:40,800 But again, it's a continuation trend. 120 00:06:41,100 --> 00:06:45,540 So the lower lows are not made, but the down trend will continue as it trades within that. 121 00:06:45,540 --> 00:06:46,710 And the Convergys in there. 122 00:06:47,010 --> 00:06:49,920 But but the prices are not making new highs either. 123 00:06:49,920 --> 00:06:52,770 The prices are starting to narrow and get closer down. 124 00:06:53,040 --> 00:06:57,720 So really to tell whether it's ascending or descending triangle, you'll look at which which line is 125 00:06:57,720 --> 00:07:02,160 horizontal, basically straight across in which one has a slope ascending. 126 00:07:02,610 --> 00:07:09,390 Going higher would have a resistance support excuse me, that's upturning and a descending triangle 127 00:07:09,390 --> 00:07:13,050 would have a resistance line that's down trending downwards sloping. 128 00:07:13,260 --> 00:07:20,010 So if you own let's say if you own something, you might not buy or sell your holdings depending where 129 00:07:20,010 --> 00:07:21,330 you're at within the triangle. 130 00:07:21,540 --> 00:07:27,660 If, let's say, I had bought earlier in the in the there was down trending, but I had bought earlier 131 00:07:27,870 --> 00:07:31,350 and I had worked starts coming back up within that triangle. 132 00:07:31,350 --> 00:07:36,660 I might try to sell near the resistance line really to just get out is the idea, because again a trend 133 00:07:36,660 --> 00:07:39,140 is going to start, it's going to keep getting lower each time. 134 00:07:39,150 --> 00:07:43,680 A good balance is between that resistance and support line, the prices are going to keep getting lower 135 00:07:43,920 --> 00:07:47,550 until eventually they break through and they break through and they're going to break through in the 136 00:07:47,550 --> 00:07:48,570 direction of the trend. 137 00:07:49,170 --> 00:07:53,510 So anything can happen, some kind of unusual event, things can happen, something that, you know, 138 00:07:53,790 --> 00:07:56,160 there would be that would break the pattern that way. 139 00:07:56,160 --> 00:07:57,660 But it's following the normal pattern. 140 00:07:57,840 --> 00:08:01,350 It's going to break out to the downside because that's where the original trend was. 141 00:08:01,530 --> 00:08:05,880 And you can even see within the triangle how it's converging towards the downside. 142 00:08:06,000 --> 00:08:06,500 It's good. 143 00:08:06,510 --> 00:08:10,650 Prices get lower and the range gets more narrow as we go down. 144 00:08:10,650 --> 00:08:12,060 So break out to the downside. 145 00:08:12,390 --> 00:08:17,810 So when you see a triangle forming, the first thing to identify is, is ascending triangle or is it 146 00:08:17,820 --> 00:08:19,890 ascending or is it a descending triangle? 147 00:08:20,070 --> 00:08:23,820 And then you can base your trades, you can watch that, let it form. 148 00:08:23,820 --> 00:08:28,290 You can be sure traits around it again with the other triangle type, you want to at least touch or 149 00:08:28,290 --> 00:08:29,700 get near that that line. 150 00:08:29,700 --> 00:08:34,530 It's approaching at least two times to help confirm that this is a real pattern. 151 00:08:34,710 --> 00:08:36,690 That's that's information that's in development. 152 00:08:36,900 --> 00:08:38,340 A third touch is even better. 153 00:08:38,430 --> 00:08:43,320 And the more touches you have in general, you know, the more formed the pattern is that you might 154 00:08:43,320 --> 00:08:45,270 be missing out a little bit if you wait too long. 155 00:08:45,270 --> 00:08:50,070 So usually like a second and certainly a third touch is a good recommended best practice when you're 156 00:08:50,070 --> 00:08:54,690 trading within many of these chart patterns or almost all of these chart patterns, but certainly with 157 00:08:54,690 --> 00:08:55,410 triangles. 16486

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