Is this a valid triangle breakout pattern?

@Harshavardhan_Dharwa

The breakout is still not complete. Give it another day or two, if you are taking position based on price action only. It is always sensible to look at the volume profile, as the triangle pattern is being formed. As triangle progresses, the volume has to to reduce.

When the price breakout happens, there is surge in volume and with that clear indicator of next climb or decline. The upward breakout is usually stronger, since traders place aggressive market buy orders, as they perceive the market to go up. In downward breakout, the stop losses (in system or in trader’s mind) gets hit. This effect cascades. Observe to perceive better.

Happy Trading.

No, we need close either upline or down line with reaction.

Besides the point already mentioned (with regard to the closing) by the posters above, I’d argue that the lower trendline could be drawn differently as well. So, i guess, it would also depend on your timeframe. Patterns are, like all TA, open to interpretation. Just imho.

Edit: Also, classical chartists hold the view that the BO should occur before 1/3rd of the way from the apex of the triangle. Too close to the apex generally means the pattern is invalid.

yes, this is whats known as triangle pattern.
kudos, you learnt to spot it :smile:

You have drawn the pattern lines by using very short or very close to price action, which may give inaccurate results., its better to use longer duration and also use Day & weekly charts , look at the chart , you will see similarities in Day & weekly chart , in my opinion , already triangle pattern breakdown happened in LT

We can see a symmetrical triangle forming. But breaching hasn’t yet occurred. Hopefully, it breaks through the upper trendline😀

Happy trading!!

Its intriguing to see, even among 5 technical analysts there is so much variation in how price charts are being interpreted. If every technical analyst holds his own view of the chart, and trades accordingly, 50% analysts will be bullish and 50% bearish. The price would be a random walk around a mean value. That thought should send us inquiring more into the price charts, and the underlying mechanism.

Triangle pattern is a consolidation pattern. Even if you can see the pattern, predicting the direction of the market needs more understanding of price action through other theories out there. Learn slowly, and trade cautiously. Remember to use a safe position size.