Forex Trading: Decoding the Secrets of the Forex Market for Consistent Profits, Financial Freedom, and Success with Expert Navigation Techniques by Finan Lewis

Author:Finan, Lewis
Language: eng
Format: epub
Published: 2023-07-30T00:00:00+00:00

Triangles are consolidation patterns characterized by converging trendlines. Three common types of triangles are:

Ascending Triangle: A flat top trendline and an upward-sloping bottom trendline. It suggests a potential bullish breakout.

Descending Triangle: A flat bottom trendline and a downward-sloping top trendline. It suggests a potential bearish breakout.

Symmetrical Triangle: Both the top and bottom trendlines converge. The direction of the breakout is not predetermined.

Flags and Pennants:

Flags and pennants are continuation patterns that occur after strong price movements. A flag resembles a rectangular shape, while a pennant looks like a small symmetrical triangle. Both patterns signal a potential continuation of the existing trend after a brief consolidation.

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