EVERYTHING ON THE TRIANGLE PATTERN
a triangle chart pattern involves price moving into a tighter and tighter range (like a consolidation phase which has a triangle-like shape) as time goes by and provides a visual display of a battle between bulls and bears.
The triangle pattern is generally categorised as a “continuation pattern”, meaning that after the pattern completes, it’s assumed that the price will continue in the trend direction it was moving before the pattern appeared.
note: the triangle pattern depends on the trend however don't hold on to that thought since fake-outs are possible. the point i am trying to make is that you should not be obsessed with which direction the price goes, but you should be ready for movement in either direction.
there are three triangle patterns:
a) the ascending (upward slope consisting of higher-lows and a consistent resistance),
b) descending (downward slope consisting of lower-highs and a consistent support)
c) symmetrical (equal slopes the market is forming lower-highs and higher-lows)..
the triangle is different from a wedge. however, a wedge can be in a triangle or better put the general formation of a wedge is a triangle-like shape (in some cases).
point to note:
• you need at least two points (bullish or bearish) to connect for a triangle to be considered, and a consistent support or resistance.
• the volatility of price of any instrument decreases when there's a triangle pattern and increases on breakout of the pattern.
• measuring the size of the triangle can serve as a good profit target (will explain in meeting)
• keep an open mind at all times.
📝..
a triangle chart pattern involves price moving into a tighter and tighter range (like a consolidation phase which has a triangle-like shape) as time goes by and provides a visual display of a battle between bulls and bears.
The triangle pattern is generally categorised as a “continuation pattern”, meaning that after the pattern completes, it’s assumed that the price will continue in the trend direction it was moving before the pattern appeared.
note: the triangle pattern depends on the trend however don't hold on to that thought since fake-outs are possible. the point i am trying to make is that you should not be obsessed with which direction the price goes, but you should be ready for movement in either direction.
there are three triangle patterns:
a) the ascending (upward slope consisting of higher-lows and a consistent resistance),
b) descending (downward slope consisting of lower-highs and a consistent support)
c) symmetrical (equal slopes the market is forming lower-highs and higher-lows)..
the triangle is different from a wedge. however, a wedge can be in a triangle or better put the general formation of a wedge is a triangle-like shape (in some cases).
point to note:
• you need at least two points (bullish or bearish) to connect for a triangle to be considered, and a consistent support or resistance.
• the volatility of price of any instrument decreases when there's a triangle pattern and increases on breakout of the pattern.
• measuring the size of the triangle can serve as a good profit target (will explain in meeting)
• keep an open mind at all times.
📝..
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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.
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.