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Long

Symmetrical Triangle Bottom

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FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
77 1 1
only for self study

The classic strategy :
Entry: Take a long position at the breakout of the resistance (blue)
1hour or 4hour closing
Stop: The stop is placed blow the last lowest
Target: Theoretical target of the pattern

Advantage: False breakouts are rare (only 16%)
Disadvantage: Pullbacks are usual (60%) so it could be judicious to wait a pullback to take position

- The exit usually occurs towards 80% of the distance of the pattern.

- Sharping and strong breakouts give better performance

- The performance is better when the triangle is formed at the beginning of a trend

- Avoid taking a position if the breakout occurs before the 3 / 4 of the pattern

- Pullbacks are harmful for the performance of the pattern


snapshot

1 hourview - strong breakouts
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