FX:EURJPY   Euro Fx/Japanese Yen
149 3 0
This is a daily chart , to see more clearly, please zoom out and you see that it is an ascending triangle - continuation pattern, enter break of trend line A - B, target take profit at - half contract at 1.272 and another half at 1.414 Fibo Expansion
dojitrader
3 years ago
I'm curious what strategy you are using that describes an ascending triangle as a continuation ? Everything I've ever seen, read or experienced has shown that ascending or an ending diagonal is a trend reversal pattern and if there is a breakout above a-b it will be short and false. (and false breakouts are quite common to this pattern) I'd like to study such a strategy. Thanks !
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The ascending triangle....

The ascending triangle is formed when the market makes higher lows and the same level highs or almost the same level high. These patterns are normally seen in an uptrend and viewed as a continuation pattern as buying demand gain more and more control, running up to the top resistance line of the pattern. While you normally will see this pattern form in an uptrend, if you do see it in a downtrend it should be paid attention to as it can act as a powerful reversal signal.
in this case this patern formed in the up trend......

you can refer the ascending triangle to other sources and books that will explained in detail technically what this patern is.... Thank you for you comment....
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for quick reference but not in detail, please read this website ; http://en.wikipedia.org/wiki/Triangle_(chart_pattern)
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