What is an Ascending Triangle?
The is a continuation pattern and is characterized by a rising lower trendline and a flat upper trendline that acts as support. This pattern indicates that buyers are more aggressive than sellers as price continues to make higher lows. The pattern completes itself when price breaks out of the triangle in the direction of the overall trend.
- the price usually (HOPEFULLY) follows the up-sloping support line of the triangle. The numbers count on the minor high and low touches of the
How to identify an Pattern on Forex Charts
The is fairly easy to spot on forex charts once traders know what to look for.
Uptrend: The market must be in an uptrend before the appears. This is important and emphasises that traders should not simply trade the pattern whenever the appears.
Consolidation: The starts to take on its form as the market enters the consolidation phase.
Rising lower trendline: While the market is consolidating, a rising trendline can be drawn by connecting the lows. This ascending trendline shows that buyers are slowly pushing the price up – which provides further support for a trading bias.
Flat upper trendline: The upper trendline acts as resistance. Price often approaches this level and bounces off until the breakout eventually occurs.
Trend continuation: After price posts a strong break above the upper trendline, traders will look for confirmation of the pattern via continued upward momentum.
Fingers crossed we get some good news and we can join the others on their BULL RUN. Missing out sucks!