Ascending Triangle - What's the phycological Truth behind this?
We see many trend patterns while trading. One of them is ascending Triangle.You guys may rote that ascending Triangle is always bullish and it will be always bullish. But why it is bullish? Can't it be bearish any time? If not, Why? If yes, when? If you are finding the answers of these questions,this article is for you. Don't escape any line. Please read the full article. You will find your answers and will enjoy this article. Now Let's get into the topic✅✅
1️⃣ You may know Uptrend is always bullish and Downtrend is always bearish. What's uptrend or Down trend? An uptrend is when candlesticks make HH and HL or same High and higher Low. In an ascending Triangle, Candlesticks make same High and Higher Low. So it makes an uptrend into ascending Triangle. As a result it is bullish structure.
2️⃣ You may hear this " The more times candlesticks touches the trend line the weaker it becomes." In aline cending Triangle candlesticks touch the resistance 3 times but touch the support 2 times. As a result the resistance become weaker and get broken.
3️⃣ So a ascending Triangle never becomes bearish? Obviously it does. When the trend touches support line 3 times,it becomes an Head and Shoulder pattern. And it becomes bearish and breaks the support line.
4️⃣ Another bearish form of ascending Triangle is when trend makes a double top pattern into ascending Triangle.
✳️✳️ Now where to take entries?
Long position After the retest of previous resistance as support and short position after the retest of previous support as resistance.
✳️✳️Where to put SL? That's you all know where to put SL. You can put SL according to your bookish knowledge. But I prefer smart SL. I will share How to put smart SL in future.
✳️✳️Now I want your opinion. How's the article? Is it good or bad? I want to know your opinion eagerly. Please comment your opinion below. And A like is always appreciated. Thanks❤️
1️⃣ You may know Uptrend is always bullish and Downtrend is always bearish. What's uptrend or Down trend? An uptrend is when candlesticks make HH and HL or same High and higher Low. In an ascending Triangle, Candlesticks make same High and Higher Low. So it makes an uptrend into ascending Triangle. As a result it is bullish structure.
2️⃣ You may hear this " The more times candlesticks touches the trend line the weaker it becomes." In aline cending Triangle candlesticks touch the resistance 3 times but touch the support 2 times. As a result the resistance become weaker and get broken.
3️⃣ So a ascending Triangle never becomes bearish? Obviously it does. When the trend touches support line 3 times,it becomes an Head and Shoulder pattern. And it becomes bearish and breaks the support line.
4️⃣ Another bearish form of ascending Triangle is when trend makes a double top pattern into ascending Triangle.
✳️✳️ Now where to take entries?
Long position After the retest of previous resistance as support and short position after the retest of previous support as resistance.
✳️✳️Where to put SL? That's you all know where to put SL. You can put SL according to your bookish knowledge. But I prefer smart SL. I will share How to put smart SL in future.
✳️✳️Now I want your opinion. How's the article? Is it good or bad? I want to know your opinion eagerly. Please comment your opinion below. And A like is always appreciated. Thanks❤️
