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As these two slopes get closer to each other, it means that a breakout is getting near. We don’t know what direction the breakout will be, but we do know that the market will most likely break out. Eventually, one side of the market will give in. So how can we take advantage of this? We can place entry orders above the slope of the lower highs and below the slope of the higher lows.

Since we already know that the price is going to break out, we can just hitch a ride in whatever direction the market moves. In this example, if we placed an entry order above the slope of the lower highs, we would’ve been taken along for a nice ride up.

If you had placed another entry order below the slope of the higher lows, then you would cancel it as soon as the first order was hit. Ascending Triangle This type of triangle chart pattern occurs when there is a resistance level and a slope of higher lows. Top 10 binary options brokers. What happens during this time is that there is a certain level that the buyers cannot seem to exceed. However, they are gradually starting to push the price up as evident by the higher lows. In the chart above, you can see that the buyers are starting to gain strength because they are making higher lows. They keep putting pressure on that resistance level and as a result, a breakout is bound to happen.

Ascending triangles usually breakout to the upside. So when you think of ascending triangles, think of breaking out on your forehead. Descending triangles usually breakout to the downside. So when you think of descending triangles, think of breaking out on your chin. Symmetrical triangles can break either to the upside or the downside. When setting the trade a standard rule of thumb is to use the pattern itself as your guide. The depth and orientation of the triangle will tell you the state the market is in. The table below provides a basic guide for the bullish trade setup.

Now the question is, “Which direction will it go? Will the buyers be able to break that level or will the resistance be too strong?” Many charting books will tell you that in most cases, the buyers will win this battle and the price will break out past the resistance.

However, it has been our experience that this is not always the case. Sometimes the resistance level is too strong, and there is simply not enough buying power to push it through. Most of the time, the price will, in fact, go up. The point we are 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. In this case, we would set an entry order above the resistance line and below the slope of the higher lows. In this scenario, the buyers lost the battle and the price proceeded to dive! You can see that the drop was approximately the same distance as the height of the triangle formation.

If we set our short order below the bottom of the triangle, we could’ve caught some pips off that dive. Descending Triangle As you probably guessed, descending triangles are the exact opposite of ascending triangles (we knew you were smart!). In descending triangle chart patterns, there is a string of lower highs which forms the upper line.

The lower line is a support level in which the price cannot seem to break. In the chart above, you can see that the price is gradually making lower highs which tell us that the sellers are starting to gain some ground against the buyers. Now most of the time, and we do say MOST, the price will eventually break the support line and continue to fall. However, in some cases, the support line will be too strong, and the price will bounce off of it and make a strong move up. The good news is that we don’t care where the price goes.

We just know that it’s about to go somewhere. In this case, we would place entry orders above the upper line (the lower highs) and below the support line. In this case, the price ended up breaking above the top of the triangle pattern. After the upside breakout, it proceeded to surge higher, by around the same vertical distance as the height of the triangle.