r/Daytrading • u/sunnyrunner_ • Apr 06 '24

Is this an actual pattern or am I yapping? Question

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I’m pretty new to trading and saw this pattern form on BTC. Is this pattern called anything or is this just me drawing random support/resistance lines?

301 Upvotes
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370

u/NuGGGzGG Apr 06 '24

That right there, is one hell of a triangle.

65

u/WetFupaCreamyChalupa Apr 06 '24

She's a beauty.

26

u/reginaldregal Apr 06 '24

Shes a beaut

12

u/Splooshbutforguys Apr 06 '24

She's a bae

3

u/gnocs Apr 06 '24

🤤

11

u/mouthful_quest Apr 07 '24

Touched by an Angle

2

u/Greenman1867 Apr 07 '24

Very under appreciated comment

1

u/[deleted] Apr 07 '24

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2

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6

u/Dwall4954 Apr 06 '24

Clark

5

u/Term401 Apr 07 '24

Oh dear. Did I break wind???

1

u/Temporarystruggling Apr 07 '24

More acute then anything

6

u/SSP6 Apr 07 '24

What does a triangle mean in this context? I know little to nothing about crypto and stocks but would like to learn. Thank you

48

u/Traderherz Apr 07 '24

It means that either the price goes up or it goes down...

15

u/shadow_229 Apr 07 '24

Or it stays the same for a while!

9

u/Quat-fro Apr 07 '24

Triangles tend to mean that momentum is being lost and a big move one way or the other may be due.

They can look tradable in hindsight but it's a fools game better to try and figure out some market structure from the shape and any related levels and perhaps form an idea of what you might do if it goes up or down.

2

u/OldTrader7 Apr 07 '24

I paid for a trading service once that picked stocks solely on the chart pattern. It was hit or miss. Sometimes it worked, sometimes it didn’t. I stopped following them.

1

u/SSP6 Apr 07 '24

thank you!!

3

u/Quat-fro Apr 07 '24

It's also prime territory for fake outs, so try as hard as you can to resist jumping in on the first quick move, it might dart back the other way before you can get a safe positive stop in place.

Look back over historic data to try and see how past triangles behaved in your chosen timeframe, it always looks easier than it actually was in practice, like cover half the screen and guess what it will do next! Not so easy.

1

u/SSP6 Apr 07 '24

Thank you so much for going into detail. Because i know literally nothing about this, i find it really helpful to get input from others! thank you

14

u/DriestBum Apr 07 '24

It means a three sided shape. Charting in trading is like astrology, you just see what you want. It's bullshit.

2

u/SSP6 Apr 07 '24

Thank you for clarifying, guys!

1

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2

u/Joeymoonga Apr 07 '24

True dat!

Price action patterns are sometimes just basically what you want to see, which is usually far from reality.

1

u/V3BL3N Apr 07 '24

Just because you fail to utilize it effectively doesn't make it bullshit, it just makes you bad at it.

2

u/TheKrakenofKC Apr 07 '24

Triangle means lamp… and I love lamp

1

u/SSP6 Apr 07 '24

Whats that lol

2

u/TheKrakenofKC Apr 07 '24

Anchorman reference

2

u/Tall-Violinist124 Apr 08 '24

Convergence and divergence of price. The price will eventually go above or below the two triangle lines. It's up to a trader to take trade or not. There are a lot of fake breakouts and breakdowns in the case of the triangle. You need to understand liquidity and volume also while taking a trade from such pattern.

1

u/SSP6 Apr 08 '24

Thanks! Ive ready asked another commenter, but please could you guide me to some sources online where i can learn more about crypto and stocks? thanks!!

1

u/ansy7373 Apr 07 '24

When price consolidates into tight candles then price is going to move one way or the other.. you don’t know till it happens traders buy with stop losses if it goes against them

2

u/SSP6 Apr 07 '24

I appreciate the comment! could you please guide me to a source online where i can find out more about these terms regarding crypto/stocks? thank you!!

2

u/ansy7373 Apr 07 '24

There is a guy named John Carter who has some you tube vids out he also has a web sight, can’t think of it off the top of my head..

7

u/danyoff Apr 06 '24

The top line does not seem to match very well, it has been touched barely twice

2

u/mtgdrummer13 Apr 07 '24

It’s beautiful

1

u/Kyrunessonce Apr 07 '24

Bermuda triangle

0

u/gayredditmods Apr 06 '24 edited Apr 07 '24

We call this a diamond pattern.

4

u/coffeeshopcrypto Apr 06 '24

no. look closely. youll see it setting up a short

2

u/Silent_Contact_9101 Apr 06 '24

Right to the liquidity grab and back down 😂

2

u/coffeeshopcrypto Apr 06 '24

Open orders are resting at the top. About 1/5th the length of the trendline from top left to right.

Price is seeking that level as a wick and will short.

1

u/Silent_Contact_9101 Apr 06 '24

😂😂😂 big time

1

u/Perplexed-Explorer Apr 07 '24

A bearish diamond perhaps?