THE SYMMETRICAL TRIANGLE CHART PATTERN
This chart pattern is more like a consolidation chart, before one direction of breakout is achieved.
PREVIOUS MARKET PERFORMANCE:
Break even failure rate for up/down breakouts: 9%; 13%
Average rise/decline: 31%; 17%
Throwback/pullback rate: 37%; 59%
Percentage meeting price target for up/down breakouts: 66%; 48%
Price trend Can be any direction leading to the chart pattern.
Shape is triangular. Prices move between two converging trendlines.
Two trendlines bound prices; the bottom trendline slopes up and the top one slopes down.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch each trendline at least twice, forming distinct valleys and peaks.
Volume Trends downward 86% of the time.
Breakout Upward 54% of the time and 75% of the way to the triangle apex (upward breakout) and 73% of the way for downward breakouts.
Busted patterns (when the breakout is in one direction only to see price reverse and breakout in the opposite direction) often result in strong moves. However, symmetrical triangles have a tendency to double bust.
More reason why traders need to wait for the confirmation before taking a position.
SELL:0.087USD to to 0.098usd
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.