2024-03-08 by Lucas

5 Steps

1. Preparation: Prepare to execute trades during high liquidity hours.
2. Spot Patterns: Determine which stock symbol is displaying a Triangle Chart pattern in the market.
3. Mark Trends: Mark the support and resistance trend lines for the identified stock.
4. Breakout to Profits, Plan to Protect: Initiate trades upon a price "breakout" or "retest," incorporating a stop loss and take profit strategy.
5. Exit Wisely: Close the trading position accordingly.

Step 1: Preparation - When To Trade

Get ready in advance: Make sure your laptop, trading account, chart software, news feeds, tools, and WeWave are all set up before the stock market opens, or right as it opens. For example, the US stock market is active and has lots of trading happening between 9:30 am and 4:00 pm New York Time. Markets for things like Futures and Forex have their own operating hours. If you trade when the market's closed, you'll find fewer buyers and sellers, which makes it harder to sell your positions. Crypto is 24/7 hours.

US Stock Market Hours

Forex market hours based on GMT time zone

Step 2: Identify Triangle Chart Patterns with WeWave. (Omit this step for manual detection.)

The triangle pattern is frequently cited as one of the most reliable chart patterns. Initiate a long position upon an upward breakout and a short position upon a downward breakout.