Thursday, September 3, 2009

Descending Triangle (Important Chart Patterns)

It occurs when there is a support line & a slope of lower highs (LH). It happens when there is certain level a seller cannot seem to exceed. They are pushing the price down as evident by the lower highs (LH).

  • Consists of Lower Highs (LH) & support line.
  • Usually mean that the price will break the support line & go lower but you should place entry orders on both sides just in case support line is too strong.
  • Place your entry orders above the Lower Highs (LH) & below the support line.

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