By "apex" he means either the higher or the lower point of the
diamond. Whichever on is on the right side of the diamond will
indicate which way the diamond is likely to break.
Posted by DigiNomad on 4th of May 2023 at 04:12 pm
Let me guess - Investopedia? I only say that because I
made the mistake of telling a client recently that I thought
diamond patterns were almost always reversal patterns, and backed
it up with a screenshot from investopedia......only to have BTC
price break out of the diamond and continue higher a couple of days
later. Ooops
DigiNomad, A chart pattern will not work if a higher time frame
is positioned against it. That might have been the case with
bitcoin. On /ES prices are at support, so a bull flag could and
should work as expected.
is this a continuation or
SPX 10 min diamond?
Posted by junkie on 4th of May 2023 at 03:44 pm
is this a continuation or a reversal pattern?
nevermind, the last part looks
Posted by junkie on 4th of May 2023 at 03:48 pm
nevermind, the last part looks like a bull flag.
Recently Matt said whatever apex
Posted by zaphod on 4th of May 2023 at 03:48 pm
Recently Matt said whatever apex is closer to the right, that's the direction in which the break will usually happen.
I missed that comment...are you
Posted by brentfreeland2 on 4th of May 2023 at 03:57 pm
I missed that comment...are you referring to the apex of a diamond formation?
By "apex" he means either
Posted by lsherrer on 4th of May 2023 at 04:06 pm
By "apex" he means either the higher or the lower point of the diamond. Whichever on is on the right side of the diamond will indicate which way the diamond is likely to break.
Most diamonds are reversal patterns
Posted by tgo5043 on 4th of May 2023 at 03:46 pm
Most diamonds are reversal patterns but there are exceptions
I learnt that DIAMOND patterns
Posted by limitless on 4th of May 2023 at 04:07 pm
I learnt that DIAMOND patterns are always reversal patterns.
Let me guess - Investopedia?
Posted by DigiNomad on 4th of May 2023 at 04:12 pm
Let me guess - Investopedia? I only say that because I made the mistake of telling a client recently that I thought diamond patterns were almost always reversal patterns, and backed it up with a screenshot from investopedia......only to have BTC price break out of the diamond and continue higher a couple of days later. Ooops
DigiNomad, A chart pattern will
Posted by junkie on 4th of May 2023 at 04:37 pm
DigiNomad, A chart pattern will not work if a higher time frame is positioned against it. That might have been the case with bitcoin. On /ES prices are at support, so a bull flag could and should work as expected.
Nope. From years of observation.
Posted by tgo5043 on 4th of May 2023 at 04:28 pm
Nope. From years of observation. BTC is a weird asset and doesn't surprise me.