Friday, January 9, 2015

Crudeoil positional analysis 09.01.15 Update I

Symmetric Triangle Chart Pattern

Symmetric Triangles is an another types of triangle chart pattern used by traders. Again like ascending and descending triangle it takes few weeks to few months for this type of pattern to formed. It is also a and it is a continuation pattern of high reliability giving bearish signal in a Downtrend Basics and bullish in an Uptrend Basics. This pattern also consist of four parts:

1. Lower Ascending trend-line: It forms the support and generally have at-least two points, more the better.

2. Upper Descending (falling) trend-line: It forms the resistance in the pattern and have at-least two points, more the better.

3. Base: It is the vertical line drawn between lower trend-line, at which the pattern started to the trend-line opposite to it. The value of base is used to keep the minimum target amount.
symmetric triangle chart pattern sample tutorials

4. Apex: It is the point where lower Ascending line and upper Descending line meets. Some traders used apex as the time in which the minimum targets is achieved.