What is the Ascending Triangle
The Ascending Triangle is a multiple candlestick chart pattern that signifies the continuation of an uptrend. This is called an Ascending Triangle, as it is shaped like a triangle pointed upwards.
Understanding the Ascending Triangle
The Ascending Triangle consists of multiple candlesticks. The first candlestick is bullish and indicates the continuation of an uptrend.
The next few candlesticks are bearish and form the shape of a triangle pointed upwards. The final candlestick is also bullish and indicates that the market has once again been taken over by the bulls.
How to Trade With Ascending Triangle
If you like this pattern and want to use it in your trading strategies you will look to open buy position.
Open buy position – After price close above resistance level (upper red line)you should open buy position.
Stop loss set up – Place your stop loss bellow trend line or we can call it support line (bottom red trend line).