Guid lines for trading Symmetrical Triangles
Generate best forex signals by using Symmetrical Triangles
Two sloping and converging trendlines Price follows two sloping trendlines that join at the triangle apex
Price crossing Price must cross the pattern from side to side, filling the triangle with movement. Avoid patterns with excessive white space in the center of the triangle
A symmetrical triangle appears like an angel fish bounded by two converging trendlines. The breakout can be in any direction.
Breakout Can be in any direction.
Duration Should be longer than three weeks; otherwise they could be pennants.
Symmetrical triangles should be at least three weeks long; otherwise they are pennants. Pennants always rest upon a flagpole (a straight-line price run), so if the pole is missing, the pattern is a symmetrical triangle.
Confirm Price confirms many patterns when the pair closes outside the pattern boundaries. For example, in a double bottom, price must close above the highest peak between the two bottoms; otherwise, it is not a double bottom.
To avoid selecting bogus symmetrical triangles, look for at least three touches of each trendline
when to place fx trading signals
Trade with trend As consolidations, prices usually leave the triangle in the same
direction as when they enter.
Compute the formation height by subtracting the lowest low from the highest high. For upward breakouts, add the difference to the highest high or for downward breakouts, subtract the difference. Alternatively, symmetrical triangles can be halfway points in a move, so project accordingly.
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