How to Trade the Ascending Triangle (Bullish Continuation) 📈 !!!!
Hey traders! Let’s break down the Ascending Triangle pattern—a powerful bullish continuation setup! 🐂
🔍 How to Recognize It:
- Flat Resistance Line: Price keeps testing a horizontal resistance level.
- Rising Support Line: Higher lows form, showing buying pressure building.
- Volume Trend: Look for decreasing volume as the triangle forms, with a spike on breakout.
✅ Confirmation:
- Wait for a breakout above the resistance line (the "Entry" line in the chart).
- Confirm with a strong candle close above resistance + increasing volume for reliability.
📊 Entry, Stop Loss, Take Profit:
- Entry: Enter a long position on the breakout above resistance (as shown).
- Stop Loss: Place below the rising support trendline to protect against a false breakout.
- Take Profit (TP): Measure the height of the triangle at its widest point (base), then project that distance up from the breakout point (TP level on the chart).
💡 Pro Tip: Patience is key! Don’t jump in too early—wait for confirmation to avoid fakeouts. Trade smart, manage risk, and let the pattern work its magic!!!
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