Hi Pingdog,
Below is a better picture of the Triangle and the method I generally use for measuring. There are
some slightly different approaches to measuring rules for this pattern.
Here is a link to a decent summary of general guidelines for this pattern if you are interested:
https://school.stockcharts.com/doku.php?id=chart_analysis:chart_patterns:symmetrical_triangle_continuationThere is a lot more to be said about the technical aspects of Symmetrical triangles, but I am a little constrained for
time right now, so keeping it short. I will say that I would have preferred a breakout at point 6,
but I still consider this a valid trade, considering the volume today.
In terms of targets, measured targets of all patterns are
minimum targets. I personally will always take at
least 50% at or near the target and see how the price behaves regarding the rest. Sometimes I will ride the
rest substantially higher until I see a reason to exist...
I begin looking for signs of failure after 75% of the target has been reached. I will have also moved
my stop to BE before that point. Not all trades work out and my priority is always to keep my losses
as small as possible. The best trades work hard and fast, so I try not to bother too much with the rest of
them.. Other traders will have different guidelines that work best for them...
Hope that helps & best of luck
