Descending Triangle on GBP/CAD @ W1
The descending triangle pattern on this weekly chart of GBP/CAD confirms pound's weakness and can be used for a breakout trade. The triangle's borders are marked with the yellow lines. My potential entry is located at the cyan line. My potential take-profit level is at the green line. I use the high of the breakout bar as my stop-loss level (not shown on the chart).
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You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.