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the interpretation and application of price action concepts

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Expanding Triangle - some call this an expando


[more examples1]   [4 in a row]  [110303]  [101703Daily]  [082203 and tmwr?


This is the basic setup for an expanding triangle. Expanding triangles are volatile formations found at tops and bottoms. They are reversal patterns. Often you can get 2 or more sequential expanding triangles until the major reversal occurs. An indicator like MACD, Stochastic , RSI or CCI will usually show divergence.

I currently use on ES 2 pt partial target and 2 pt stop on trades. Even if the pattern fails... does not reach target, this setup will give you partial profits then going to breakeven.

This pattern gives you lots of time to spot it. In the example below it took 90 minutes until price moved from point 3 to 4.

The example below entry it much like a 2b, price barely moving above the swing high formed by point 2. At other times, price will continue much higher before retracing to retest this pivot and eventually failing.

I have found it a reliable pattern especially when accompanied by divergence. This is a very good pattern to look for on long term charts...daily...weekly.

 

Do I see all this stuff real-time? Yes, it has become second nature. I am not watching for this setup to appear. I recognize it without looking for it. That means so many pass by that I don't trade. I might already be in a trade, the pattern may be appearing on a time frame I am not looking at or I just don't see it. On this pattern you have lots of time to see it. Count the bars between  1-2-3-4  lots of time.  

 
Even on this 144 tick chart the pattern began the day before and completed 2 hours into the next day. When point 3 was in plac3, approximately 10:00 you should be thinking of the possibility of a completed pattern occurring. It did at 11:00, 1 hour later. Lots of time to get ready 8-). It does take patience. Patience is a quality all great traders have. Do you?
 
144 tick chart from 031402

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3 mm chart. This pattern began at 9:30. Point 3 arrived at 10:40. Pattern completed at11:30. Time from point 3 to completion 50 minutes
 

 

 

 

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