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Nov 27, 2020 3:01 PM

📚 💰 Descending Triangle in GBPNZD - "Learn More Earn More" Education

British Pound/New Zealand DollarFXCM

Description

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Descending Triangle Definition:


A Descending Triangle is a type of triangle chart pattern that occurs when there is a support level and a slope of lower high.

It is defined by two lines:

. A horizontal support line running through valleys.
. A Downtrend line drawn through the peaks.
The lower highs indicate more sellers are gradually entering the market and selling pressure increases as price consolidates moving further towards the apex.

A Descending Triangle is classified as a continuation chart pattern.

If price can break through the support level, that level will now act as a resistance level.

Breakouts can also happen in both directions. Statistically, downward breakouts are more likely to occur, but upward ones seem to be more reliable.

In most cases, the sellers will win this battle and the price will break out past the support. But Sometimes the support level is too strong, and there is simply not enough selling power to push it through. Therefore you should be ready for movement in EITHER direction.

ENTRY:

We would set an entry order below the support line and above the slope of the lower highs.

TARGET:
Target is approximately the same distance as the height of the triangle formation.

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Comments
Pro_Trader_007
Going on it, thanks!
ForecastCity
@Pro_Trader_007, Thanks for your kind comment.
adeelvirk15
great analysis
ForecastCity
@adeelvirk15, Thanks
Best_Forecast
You have a crystal ball!

Great analysis!

I follow you here and on Telegram,

Thank you very much!
ForecastCity
@Alexander_007, Thank you for your feedback
Kristalyn
Great charts mate , have you any stocks to trade in mind?
Jamundo
Do you have a youtube channel?
ForecastCity
@Jamundo, Thanks for your comment. We don't have a Youtube channel. However, You can follow us on other social media. Here is the link to our telegram channel t.me/forecastcity_com
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