Understanding chart patterns is crucial for predicting price movements in trading. Hereโs a breakdown of the three main types of patterns: Reversal, Continuation, and Bilateral Patterns.
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๐ Reversal Patterns โ Indicate a potential trend change
1๏ธโฃ Double Top โ Bearish pattern forming two peaks at the same resistance level before breaking downward.
2๏ธโฃ Head & Shoulders โ Bearish pattern with three peaks (left shoulder, head, right shoulder), confirming a trend reversal after breaking the neckline.
3๏ธโฃ Rising Wedge โ A narrowing upward channel that signals a bearish reversal when price breaks downward.
4๏ธโฃ Double Bottom โ Bullish pattern forming two troughs at the same support level before breaking higher.
5๏ธโฃ Inverse Head & Shoulders โ A bullish version of the Head & Shoulders pattern, signaling a trend reversal after breaking above the neckline.
6๏ธโฃ Falling Wedge โ A downward-sloping, narrowing pattern that leads to a bullish breakout.
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๐ Continuation Patterns โ Suggest the current trend is likely to continue
1๏ธโฃ Falling Wedge โ A bullish continuation pattern where price consolidates within a downward channel before breaking higher.
2๏ธโฃ Bullish Rectangle โ Price moves sideways within a horizontal range before breaking upward.
3๏ธโฃ Bullish Pennant โ A small triangular formation after a strong uptrend, signaling further upside upon breakout.
4๏ธโฃ Rising Wedge โ A bearish continuation pattern where price consolidates in a narrowing upward channel before breaking downward.
5๏ธโฃ Bearish Rectangle โ Price consolidates within a horizontal range before breaking downward.
6๏ธโฃ Bearish Pennant โ A small symmetrical triangle forming after a strong downtrend, leading to a continuation lower.
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๐ Bilateral Patterns โ Can lead to a breakout in either direction
1๏ธโฃ Ascending Triangle โ A pattern with horizontal resistance and rising lows, leading to a potential breakout in either direction.
2๏ธโฃ Descending Triangle โ Features horizontal support and declining highs, with breakout direction depending on market conditions.
3๏ธโฃ Symmetrical Triangle โ A neutral pattern with converging trendlines, signaling a breakout is imminent but direction is uncertain.
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๐ Key Insights for Traders:
โ Reversal Patterns indicate a shift in trend direction.
โ Continuation Patterns signal that the trend is likely to persist.
โ Bilateral Patterns suggest uncertainty, meaning price could break either way.
Learning these patterns will help you make better trade decisions, set entry points, stop-losses, and targets effectively! ๐ก๐ฐ
๐ฌ Found this helpful? Like, share, and comment! Letโs grow together! ๐๐ฅ
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