BULLISH SYMMETRICAL TRIANGLE PRICE ACTION
GOLD BULLISH SYMMETRICAL TRIANGLE PRICE ACTIONThis chart pattern starts forming with bulls already in control of the exchange rate's uptrend. Then both bears and bulls try to squeeze on each other by creating lower highs and higher lows respectively, till the bulls finally break the triangle's upper border created by the bears, and the exchange rate continues its uptrend.
Let's break down the pattern formation!
In an uptrend, price action finds the first resistance (1), which will be the highest high in the pattern.
Price action reverses direction from the first resistance (1) and goes downwards till it finds the first support (2), which will be the lowest low in the pattern.
Price action reverses direction from the first support (2) and goes upwards, till it finds the second resistance (3), which must be lower than the first resistance (1)
Price action reverses direction from the second resistance (3) and goes downwards, till it finds the second support (4), which must be higher than the first support (2)
The pattern is completed when price action reverses direction from the second support (4) and goes upwards till it breaks the triangle's upper border at point (5)
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