These figures 🔺 of are distinguished by some “deceit”, therefore they are assigned to a separate category.❗
This is due to the fact, that during their formation it's rather difficult to unambiguously determine in which direction the price impulse will follow - up or down.🤷🏻♀️ Among such figures, symmetrical, ascending and descending triangles are popular among many traders.
Of great importance ❗is the trend preceding the formation of the figure.
So,🔥 if the uscending triangle was preceded by a bullish🐃 trend, then the trend will most likely not change its direction.🔥
On the picture above, the blue 💙 lines - indicate the most probable scenario of the price movement after completion of the formation of the .
In green 💚 - a slightly less likely scenario that shouldn't be ruled out.
Thus, in most cases, the “Rising Triangle” is seen by traders as a .🐃 The appearance of this figure usually indicates consolidation before the resumption of the upward movement of prices.❗
💥Other features of this figure:💥
🔺the upper passes through two or more local peaks approximately equal in height;
🔺the reliability of the figure increases in proportion to the duration of the previous uptrend;
🔺the lower resistance line consists of at least two consecutive minima, with each subsequent one must be higher than the previous one;
🔺often during the formation of this figure there is a decrease in trading volumes;
🔺the moment of breaking the resistance line should preferably be accompanied by an increase in trading volumes;
🔺after breaking through, the line of resistance of the figure becomes a line of support;
🔺the approximate purpose of further price movement usually corresponds to the width of the triangle formed by the upward movement.
👉🏻The “descending triangle” is often regarded by traders as a bearish🐻 pattern:
This pattern is formed on a downtrend 👇🏻, in most cases indicating its continuation. At the same time, as we can see in the figure near, sometimes when you exit this figure, the price moves in the opposite direction.
In its features, this figure is similar to the “Ascending Triangle” formed on the bull trend and, in fact, is its mirror image.🤲🏻
The "symmetrical 🤲🏻 triangle" is a relatively neutral figure:
However, for example, if the formation of the "Symmetric 🤲🏻Triangle" was preceded by an uptrend, then this pattern will signal a high probability of continued bull dominance in the market. The same for downtrend.
💥Other features of the figure:💥
🔺a triangle is considered reliable and indicates a high probability of the continuation of the trend, if the trend lasted for at least several weeks before its formation;
🔺to build this figure, at least four points are needed - two for the resistance line, two more for support (a more reliable triangle is formed by six points - three for the top line, and three for the bottom);
🔺as the triangle forms and the range narrows, the trading should decrease;
🔺the approximate purpose of price movement is usually determined by the width of the triangle.
❗❗❗Traders should be very careful when working with a triangle, especially with a symmetrical one. Each time when forming such a figure, two likely scenarios of price movement should be taken into account at once.
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Just wondering if you keep/ store your educational slides in a power point or word format. I find your educational publications very helpful for an inexperienced trader like myself. I'm asking becasue it would be great if I could have a copy to print it out to keep and learn from. But, if you don't nevermind. I'll just print it out from trading view.
Keep the great work up!
There is so little time in a day. Have no time at all. But it will coming soon, I promise!
Thanks for the interest on my work😘