A tale of two triangles

You really have to be careful when you see a new pattern forming because that pattern may simply be swallowed up by an even bigger pattern. As we can see here, there was a descending triangle that looked completely valid up until the point that it was invalidated. However, you'll notice it never actually broke through support. This is why it's important to take other factors into consideration and wait for technical confirmations. The bearish triangle was never confirmed, and now we are in the middle of an even larger bullish triangle still bouncing between support and resistance.

In this situation, the market was very oversold, so I was suspicious of the descending triangle although I still included it in my ideas. I just never actually traded on it and this is why. The conditions just weren't right. I am, however, trading this bullish triangle as the conditions for it are right.

1Eg1QK5vJVCcSoZM3Cp8dgpJ9jv4tjng8m