Is the ascending triangle a good trading pattern?

The ascending triangle is an incredibly helpful pattern when assessing potential trend continuations. It does, however, have its shortcomings and traders ought to be aware of both. The ascending triangle is just one of many bullish trading patterns. Others include the bullish Pennant, bullish flag and the rising wedge, to name a few.

Are ascending triangles bullish?

Yes, the ascending triangle is a bullish chart pattern that develops during an uptrend and signals an upside breakout. The bullishness of this pattern comes from the squeeze between the ascending trendline and horizontal resistance line which ultimately will force the break out of the pattern. Are ascending triangles good?

What are ascending triangles & troughs?

Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation. Because of its shape, the pattern can also be referred to as a right-angle triangle. Two or more equal highs form a horizontal line at the top. Two or more rising troughs form an ascending trend line that converges on the horizontal line as it rises.

What is ascending triangle & how does it work?

As a continuation pattern, the ascending triangle is based on the idea that the likelihood of the trend continuing in the same direction is higher than the chance of a reversal taking place. The bulls are in full control of the price action, as they have been successful in pushing the market higher.