📚 💰 Descending Triangle in GBPNZD - "Learn More Earn More"
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Descending Triangle Definition:
A Descending Triangle is a type of triangle chart pattern that occurs when there is a support level and a slope of lower high.
It is defined by two lines:
. A horizontal support line running through valleys.
. A Downtrend line drawn through the peaks.
The lower highs indicate more sellers are gradually entering the market and selling pressure increases as price consolidates moving further towards the apex.
A Descending Triangle is classified as a continuation chart pattern.
If price can break through the support level, that level will now act as a resistance level.
Breakouts can also happen in both directions. Statistically, downward breakouts are more likely to occur, but upward ones seem to be more reliable.
In most cases, the sellers will win this battle and the price will break out past the support. But Sometimes the support level is too strong, and there is simply not enough selling power to push it through. Therefore you should be ready for movement in EITHER direction.
ENTRY:
We would set an entry order below the support line and above the slope of the lower highs.
TARGET:
Target is approximately the same distance as the height of the triangle formation.
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💰 EARN MORE
With ForecastCity
Descending Triangle Definition:
A Descending Triangle is a type of triangle chart pattern that occurs when there is a support level and a slope of lower high.
It is defined by two lines:
. A horizontal support line running through valleys.
. A Downtrend line drawn through the peaks.
The lower highs indicate more sellers are gradually entering the market and selling pressure increases as price consolidates moving further towards the apex.
A Descending Triangle is classified as a continuation chart pattern.
If price can break through the support level, that level will now act as a resistance level.
Breakouts can also happen in both directions. Statistically, downward breakouts are more likely to occur, but upward ones seem to be more reliable.
In most cases, the sellers will win this battle and the price will break out past the support. But Sometimes the support level is too strong, and there is simply not enough selling power to push it through. Therefore you should be ready for movement in EITHER direction.
ENTRY:
We would set an entry order below the support line and above the slope of the lower highs.
TARGET:
Target is approximately the same distance as the height of the triangle formation.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
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