1. Ascending Triangle
This pattern can be a continuation pattern or a trend changing pattern or broken trend pattern. An ascending triangle is identified in an uptrend pattern which candle can't break a certain price level for 2 times at least & usually the confirmation at 3/4 from the triangle beginning. If the price breaks the resistance level with big volume accumulation,then it is highly probable that the price has broken the consolidation & continue its uptrend. If the price breaks the support trendline with big volume distribution, it is highly probable that the price has changed in trend, maybe it continues the consolidation or the price reversed.
2. Descending triangle
This pattern is identified at a downtrend, at which at least twice the price can't break the support. This pattern also can be both, continuation & trend breaking or reversal of the trend. The confirmation is also at 3/4 from the triangle beginning. If the confirmation is breaking the support with high volume distribution, then it's highly probable that the price will continue its lower low of the price. If the confirmation is breaking the downtrend line with high volume accumulation, then it is highly probable that the pribe will reverse or will consolidate.
3. Symmetrical Triangle
This pattern is also need confirmation at 3/4 from the triangle beginning. This is quite a confusing pattern, as there's no tendency seen. But if we see the price seems to be going up, then it might go up, see the ebook of candlestick to support the trendline. And vice versa.
We'll next discuss another pattern of price.
Have a nice weekend...
Best Regards,
Christopher Tahir
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