Famous chart patterns will help you in daily trading
1. Continuation Patterns
- Ascending Triangle: Bullish signal, enter on breakout above the peak, set Take Profit (TP) above resistance.
- Descending Triangle: Bearish signal, enter on breakout below the trough, set TP below support.
- Bullish Flag: Continuation of the upward trend, enter on breakout, TP based on the length of the flagpole.
- Bearish Flag: Continuation of the downward trend, enter on breakout, TP based on the length of the flagpole.
2. Reversal Patterns
- Double Bottom: Bullish signal, enter on breakout of the Neckline, TP based on the height of the pattern.
- Double Top: Bearish signal, enter on breakout of the Neckline, TP based on the height of the pattern.
- Head & Shoulders: Bearish signal, enter on breakout of the Neckline, TP based on the height of the pattern.
- Inverted H&S: Bullish signal, enter on breakout of the Neckline, TP based on the height of the pattern.
3. Miscellaneous Patterns
- Rising Wedge: Often a bearish reversal.
- Falling Wedge: Often a bullish reversal.
- Symmetrical Triangle: Can be either continuation or reversal depending on the breakout.
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