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If you trade the forex markets regularly, chances are that a lot of your trading is of the short-term variety; i. From my experience, there is one major flaw with this type of trading: h igh-speed computers and algorithms will spot these patterns faster than you ever will. When I initially started trading, my strategy was similar to that of many short-term traders. That is, analyze the technicals to decide on a long or short position or even no position in the absence of a clear trendand then wait for the all-important breakout, i. I can't tell you how many times I would open a position after a breakout, only for the price to move back in the opposite direction - with my stop loss closing me out of the trade. More often than not, the traders who make the money are those who are adept at anticipating such a breakout before it happens.

Triangle forex photo fake vest

Triangle forex photo

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However, they are gradually starting to push the price up as evidenced by the higher lows. In the chart above, you can see that the buyers are starting to gain strength because they are making higher lows. They keep putting pressure on that resistance level and as a result, a breakout is bound to happen. Will the buyers be able to break that level or will the resistance be too strong?

Many charting books will tell you that in most cases, the buyers will win this battle and the price will break out past the resistance. Sometimes the resistance level is too strong, and there is simply not enough buying power to push it through.

Most of the time, the price will, in fact, go up. The point we are trying to make is that you should not be obsessed with which direction the price goes, but you should be ready for movement in EITHER direction. In this case, we would set an entry order above the resistance line and below the slope of the higher lows.

In this scenario, the buyers lost the battle and the price proceeded to dive! You can see that the drop was approximately the same distance as the height of the triangle formation. As you probably guessed, descending triangles are the exact opposite of ascending triangles we knew you were smart! In descending triangle chart patterns , there is a string of lower highs that forms the upper line.

The lower line is a support level in which the price cannot seem to break. In the chart above, you can see that the price is gradually making lower highs which tells us that the sellers are starting to gain some ground against the buyers. Now most of the time, and we do say MOST, the price will eventually break the support line and continue to fall. However, in some cases, the support line will be too strong, and the price will bounce off of it and make a strong move up.

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Despite the brief corrections, the buyers are still in full control of the price action. This is where the most significant advantage of the ascending triangle lies. The breakout that ends the consolidation phase generates a signal that the dominant market side is ready to continue in the same direction.

A breakout like the one below helps us clearly define the trading setup with an entry, stop loss, and take profit. However, no single chart formation is perfect. The false breakout may prompt us to enter the trade before the market makes a U-turn and reverses.

Therefore, it is suggested to consult other available technical indicators before entering the market. Descending triangles are bearish chart formations that occur during a mid-trend. In essence, their shape and design very similar to that of the ascending triangles, except for the fact that descending triangles are bearish formations.

In this case, the lower trend line is the one that supports the price action as the upper trend line increases the pressure with each new lower high. Ultimately, the pressure is too big to handle and the break of the support takes place to activate the descending triangle pattern. On the left side of the illustration, you see the downtrend in place, which is interrupted by the first bounce from the horizontal support the first green line. Each subsequent rebound is weaker, as the dominant side — the sellers — turns up the heat.

The descending triangle shares the same advantages and limitations of the ascending one. In essence, this chart formation helps traders to define the risk and return to the trading setup. This is done with the help of a breakout and the lower supporting line. On the other hand, some descending triangles end up being reversals after the failure of sellers to extend the downtrend.

Unlike the prior two versions of triangles, the symmetrical triangle consists of two converging trend lines. Neither of these is flat, which makes the symmetrical triangle both a neutral and continuation chart pattern. The likelihood of a trend continuing in the same direction as before the triangle was created is very high.

The symmetrical triangle can be initiated by both an uptrend and a downtrend. During the second phase, the price action consolidates between the two converging lines, while the market makes a series of higher lows and lower highs. Finding a perfectly symmetrical triangle is impossible as either one of the two lines is usually mildly bent. This type of triangle has two versions: bullish and bearish.

The former is initiated by the uptrend and ends in the continuation of the overall trend. The latter starts with a downtrend and ends with a break to the downside. In these two cases, a symmetrical triangle is a continuation pattern. It has the same function as the ascending and descending triangles: it helps prevailing trends to continue.

If the symmetrical triangle is initiated by the sideways price action, with no clear directional bias, the triangle is then a neutral chart pattern. The chances of a break higher or lower are around Triangles share a similar shape with wedges and pennants. You must ask yourself how does one tell the difference between these three. There are two critical differences between these two chart patterns. First, wedges are reversal patterns.

The consolidation phase is a tool to reverse the trend direction, not to extend it. A rising wedge is a bearish chart formation, while the falling wedge is a bullish pattern. Secondly, as you can see from the illustration below, wedges have no flat trend lines. In a rising wedge, both are slightly pointing towards the upside.

When it comes to pennants, the differences are harder to spot. As you can see from the illustration below, pennants are symmetrical triangles. The critical difference is in the duration of the consolidation phase. With pennants, the length is rather short, unlike the symmetrical triangles that can last much longer. Moreover, pennants are preceded by a flag pole the initial trend. This is a mandatory element of this chart formation. On the flip side, the symmetrical triangle is centered on the consolidation phase.

At this point, there are two options as to where they enter the market. A trader can consider entering the market as soon as the breakout candle closes outside of the triangle. In other words, when the breakout is confirmed. On the other hand, the latter is perfect from the risk management perspective. However, the throwback the retest may never take place. As outlined earlier, the ascending triangle consists of two trend lines, where the upper is flat, and the lower is shooting higher.

The consolidation phase then occurs with the resistance trend line nearly flat, while the supporting line is connecting the higher lows. Therefore, the break signals that the buyers have forced an end to the consolidation phase and the market is ready to move higher again. Ultimately, the market presents us with both options for the entry as the throwback took place. The middle green line signals an entry, while the lower horizontal line, located inside the triangle, generates a level for stop loss, in case the market reverses and ends in a failed breakout.

By measuring the distance when the triangle was first formatted, we calculate the take profit level. Finally, the market hits our take profit order and we collect our profits. Ultimately, the risk-reward stands at Descending triangles capture the consolidation phase in a mid-trend. The triangle was preceded by the downtrend as the sellers took a step back to consolidate recent gains.

The upper line is forcing the price action to go towards the supporting line, therefore squeezing the space between two lines. The break of the lower line generates a signal that the consolidation has ended. Unlike in the previous example, the second option of entry was never presented to us. Hence, you could have only traded this scenario if you had chosen option number one. An entry was placed at the level where the breakout candle closed with the take profit measured to reflect the distance between two lines at the beginning of a triangle.

The endpoint of this distance signals the level where we should consider collecting our profits. On the other hand, any move back inside the triangle could invalidate the descending triangle formation and stop out the trade. In the end, there was an opportunity to make in pips after risking 80 pips. Therefore, in this case, the risk-reward is These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies.

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