The three most commonly used Triangles are symmetrical, ascending and descending. Each type of triangle has a slightly different shape and different forecasting ability. Triangles are effective technical analysis tools useful in both uptrends and downtrends.
The symmetrcial triangle pictured below shows two converging trendlines. Note the upper line is descending while the lower line is ascending. To the left is a vertical line called the base. The base measures the height of the pattern. The apex is located where the trendlines converge. The symmetrical triangle is also referred to as a coil.
The ascending triangle, seen below, has a rising lower line and a horizontal or flat upper line. This is generally a bullish pattern.
The descending triangle is the opposite of the ascending with a horizontal lower line and a descending upper line. This is generally a bearish pattern.
Andy Swan is co-founder and head trader for DaytradeTeam.com. To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.
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