EURUSD 1.1787 USDJPY 112.14 USDCAD 1.2774 EURCZK 25.557 USDCZK 21.677 EURPLN 4.2304 USDPLN 3.5887
EURUSD 1.1787 USDJPY 112.14 USDCAD 1.2774 EURCZK 25.557 USDCZK 21.677 EURPLN 4.2304 USDPLN 3.5887

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A fully formed ascending triangle signals a continuation of an upward trend

Rule of thumb

The greater  the volume during the price break-out of the formation, the greater the price movement can be that follows

Chart type: Bar chart, candlestick

Applies to: Continuation

Significance: High

 

Ascending triangles are outlined with a horizontal resistance line and an upward trendline, treated as the support line. The ascending triangle is at the widest point  at the beginning of the formation, and as with any other formation of this kind, it requires a previous trend - in this case an upward trend - for  proper interpretation.

 

ascending triangle

 

For an ascending triangle to be formed, it has to connect at least two local minimums with the support line and another two local maximums with the resistance line. A helpful indicator is the rising volume, if available, as the formation is completing - the triangle is forming - which confirms the strength of the formation.

 

A price break-out of the resistance line of a properly formed ascending triangle formation signals a continuation of an upward trend. 

 

How to use it with MetaTrader 5:

  • Ascending triangles can be plotted on a chart by combining two trendlines, or a trendline and a horizontal line.
  • The trendlines can be plotted using a “Draw trendline” icon, or choosing the “Insert/Object” option form the menu and then “Draw trendline”.
  • The simplest method to draw a horizontal line is to use the “draw horizontal line” icon in the main window panel of the MetaTrader 5 platform.

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