DDOG has broken up from a S triangle and returned back to a tad below break out level, used it as a springboard and closed above long entry level. There is a level of support at bottom of the candle tail.
Symmetrical triangles are often a slow down time for price and price consolidates inside. The pattern consists of 2 trendlines that slope in opposite directions and converge at the endpoints. The pattern needs 5 touches minimum, 2 to one trendline and 3 to the other and can enter the triangle from any direction. Volume usually levels off or decreases while price is inside, but a break out of the trendlines with heavy volume performs the best. I do not see super heavy volume when DDOG broke the triangle. The heavier volume days were when DDOG hit the bottom trendline of the triangle..
A S Triangle can break up or down and is considered a neutral pattern until break out occurs.
Not a recommendation
Symmetrical triangles are often a slow down time for price and price consolidates inside. The pattern consists of 2 trendlines that slope in opposite directions and converge at the endpoints. The pattern needs 5 touches minimum, 2 to one trendline and 3 to the other and can enter the triangle from any direction. Volume usually levels off or decreases while price is inside, but a break out of the trendlines with heavy volume performs the best. I do not see super heavy volume when DDOG broke the triangle. The heavier volume days were when DDOG hit the bottom trendline of the triangle..
A S Triangle can break up or down and is considered a neutral pattern until break out occurs.
Not a recommendation
Note
I guess it as just a "let's dump Data Dog day" Happens sometimes and often there is no rhyme nor reason to what the market decides to do. Earnings are 5/11
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.