Thursday, December 31, 2020 3:08:00 AM
Symmetrical Triangle - Breakout Explained
Symmetrical Triangles
are usually continuation patterns
with converging trend lines.
Ideally,
a stock breaks out from a Symmetrical Triangle
prior to reaching the Apex of the triangle
with volume expansion.
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Chart Patterns
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns
Symmetrical Triangles
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation
http://thestockbandit.com/symmetrical-triangle/
http://thepatternsite.com/st.html
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Trend:
In order to qualify as a continuation pattern,
an established trend should exist.
The trend
should be at least a few months old
and the symmetrical triangle
marks a consolidation period
before continuing after the breakout.
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Price Target:
There are two methods
to estimate the extent of the move after the breakout.
First,
the widest distance of the symmetrical triangle
can be measured and applied to the breakout point.
Second,
a trend line can be drawn
parallel to the pattern's trend line
that slopes (up or down) in the direction of the break.
The extension of this line
will mark a potential breakout target.
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Embedded and Live! Chart
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