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📚💰Descending Triangle in GBPNZD "Learn More Earn More" With US

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FX:GBPNZD   British Pound / New Zealand Dollar
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Descending Triangle Definition:

An Descending Triangle is a type of triangle chart pattern that occurs when there is a support level and a slope of lower high.

It is defined by two lines:

.A horizontal support line running through valleys.
.A Downtrend line drawn through the peaks.

The lower highs indicate more sellers are gradually entering the market and selling pressure increases as price consolidates moving further towards the apex.

An Descending Triangle is classified as a continuation chart pattern.

If price can break through the support level , that level will now act as a resistance level .

Breakouts can also happen in both directions. Statistically, downward breakouts are more likely to occur, but upward ones seem to be more reliable.

In most cases, the sellers will win this battle and the price will break out past the support. But Sometimes the support level is too strong, and there is simply not enough selling power to push it through. Therefore you should be ready for movement in EITHER direction.

ENTRY:
We would set an entry order bellow the support line and above the slope of the lower highs.

TARGET:
Target is approximately the same distance as the height of the triangle formation.


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Comments

This was helpful.Thanks.
+3 Reply
ForecastCity_ME Mesutkashmar
@Mesutkashmar, Thank you for your comment.
Reply
Amazing. Keep up the awesome work. Very helpful information. Thanks.
+2 Reply
ForecastCity_ME yusufipek1989
@yusufipek1989, You're welcome!
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ForecastCity_ME yusufipek1989
@yusufipek1989, We appreciate your comment.
Reply
It really helps me as a beginner.
keep going. stay awesome.
+1 Reply
ForecastCity_ME Mehmetozdemi
@Mehmetozdemi, We're glad you find it helpful.
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