@farzinsabbagh, What is Descending Triangle?
A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. Oftentimes, traders watch for a move below the lower support trend line because it suggests that the downward momentum is building and a breakdown is imminent. Once the breakdown occurs, traders enter into short positions and aggressively help push the price of the asset even lower.
Key Takeaways:
A descending triangle is a signal to traders to take a short position to accelerate a breakdown.
A descending triangle is detectable by drawing trend lines for the highs and lows on a chart.
A descending triangle is the counterpart of an ascending triangle, which is another trend line based chart pattern used by technical analysts.
What is an Ascending Triangle?
An ascending triangle is a chart pattern used in technical analysis . It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows.
The breakout can occur to the upside or downside. Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming.
Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy.
farzinsabbagh
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@ScotianBot, ok, so please show me where is that descending triangle in the chart
@ScotianBot, No i dont see it father, please reveal the truth
ScotianBot
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@farzinsabbagh, the green line is the swing highs, and the red trendline that was trying to hold support is the swing lows man. You can't see that? And sure enough, the pattern played out. But that's not a macro scale anyway, the uptrend is very much intact, at the moment.
ScotianBot
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@ScotianBot, i wasn't saying "my boy" to be insulting. Sorry if it appeared that way.
Good luck.
farzinsabbagh
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@ScotianBot, having that much of price action below your support just invalidates your pattern. i dont know what are you calling that. a fake out? a fake out that is almost half size of your pattern! that is non sense. it is more likely to a symmetrical triangle. i dont care actually. this patterns in lower time frames are useless.