THE ASCENDING TRIANGLE CHART PATTERN
The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern.
Price trend can be any direction leading to the chart pattern. Shape is triangular. Prices move between two converging trendlines.
Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement. Price must touch each trendline at least twice, forming distinct valleys and peaks.
Breakout upward 70% of the time and 61% of the way to the triangle apex (upward breakouts) and 62% of the way for downward breakouts.
In an ascending triangle, the resistance line runs parallel while the support line is rising. To avoid false breakouts, it is recommended that traders should wait for three peaks (or three valleys, respectively). Valid signal comes in when the closing price is either above the
resistance line or below the support line.
More to this is the Ichimoku metric set up which is current moving for EDGE TO EDGE TRADE SET UP.
"when a candle close occurs inside the Cloud, you can with reasonably high probability expect price to reach the other end of the Cloud".
Entry price at $33.31 with price move up targets.
The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern.
Price trend can be any direction leading to the chart pattern. Shape is triangular. Prices move between two converging trendlines.
Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement. Price must touch each trendline at least twice, forming distinct valleys and peaks.
Breakout upward 70% of the time and 61% of the way to the triangle apex (upward breakouts) and 62% of the way for downward breakouts.
In an ascending triangle, the resistance line runs parallel while the support line is rising. To avoid false breakouts, it is recommended that traders should wait for three peaks (or three valleys, respectively). Valid signal comes in when the closing price is either above the
resistance line or below the support line.
More to this is the Ichimoku metric set up which is current moving for EDGE TO EDGE TRADE SET UP.
"when a candle close occurs inside the Cloud, you can with reasonably high probability expect price to reach the other end of the Cloud".
Entry price at $33.31 with price move up targets.