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Ascending_triangle

US OIL APPROACHING FOR TRIPLE TOP US OIL APPROACHING FOR TRIPLE TOP Features and Highlights : US Oil is closed at 77.00 which is near to the earlier top, which is a strong resistance. The price was retracted on 2 occasions at 77.05 and now approaching for Triple Top formation. If the Top is breaches, further rally is expected in short term. The trend line also formed a ascending triangle pattern. If not the Top is breached, the price will be oscillating in this triangle and take break on upward or downward direction of the trend. Interesting to see the developments in the coming days.
TVC:USOIL
by denasridhar
1
US OIL APPROACHING FOR TRIPLE TOP US OIL APPROACHING FOR TRIPLE TOP Features and Highlights : US Oil is closed at 77.00 which is near to the earlier top, which is a strong resistance. The price was retracted on 2 occasions at 77.05 and now approaching for Triple Top formation. If the Top is breaches, further rally is expected in short term. The trend line also formed a ascending triangle pattern. If not the Top is breached, the price will be oscillating in this triangle and take break on upward or downward direction of the trend. Interesting to see the developments in the coming days.
TVC:USOIL
by denasridhar
5
How to Trade an ASCENDING TRIANGLE BREAKOUTSTRUCTURE --> ASCENDING TRIANGLE is a type of consolidation pattern formed after an Uptrend ( Markup Phase). --> ASCENDING TRIANGLE is a triangular pattern with a flat horizontal Resistance on the top and a Trendline that connects atleast two Higher Low swings from the bottom to the top of the Triangle. --> ASCENDING TRIANGLE is considered to be a Bullish Pattern because the Swing Lows are getting shifted Higher signifiying the Sellers loosing the strength . LOGICAL REASON BEHIND THE PATTERN --> As the ASCENDING TRIANGLE is having the flat horizontal Resistance on the top , There are stack of STOP-LOSS-ORDERS just above the horizontal Resistance. When some Strong Buyer punches a heavy buying order, The order Triggers all the STOP-LOSS-ORDERS which were placed above the horizontal Resistance turning the sellers as buyers. --> Seeing the Breakout various New Traders and Algo's place more buying orders and the price tend to move higher. Example --> Take the example of the crypto GMTUSDT . --> Initially the crypto was in the Mark-Up phase. --> Later this crypto entered into the Consolidation phase by making ASCENDING TRIANGLE as the consolidation pattern. --> $0.82 was the horizontal resistance established by this stock. --> The Lows started shifting up from $0.5 to $0.7 to $0.75 showing loss in seller strength . --> The Price started sustaining above the POC (Point of Control) showing buyers strength. --> When Price Breached $0.82 all SL orders were Trigerred and the crypto gave the breakout with volume . --> The price moved higher as new Traders and Algo's placed more buying orders . Target and Stoploss --> Target would be the Depth of the Ascending Triangle, Projected above the Resistance Breakout as mentioned in the Example Screenshot. --> Stoploss would be placed below the Breakout Candle LOW .
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