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Ascending Triangle Definition:
An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows.
It is defined by two lines:
. A horizontal resistance line running through peaks.
. An uptrend line drawn through the bottoms.
The higher lows indicate more buyers are gradually entering the market and buying pressure increases as price consolidates moving further towards the apex.
An ascending triangle is classified as a continuation chart pattern.
If price can break through the resistance level, that level will now act as a support level.
Breakouts can also happen in both directions. Statistically, upward breakouts are more likely to occur, but downward ones seem to be more reliable.
In most cases, the buyers will win this battle and the price will break out past the resistance. But Sometimes the resistance level is too strong, and there is simply not enough buying power to push it through. Therefore you should be ready for movement in EITHER direction.
ENTRY:
We would set an entry order above the resistance line and below the slope of the higher lows.
TARGET:
Target is approximately the same distance as the height of the triangle formation.
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