Not much of a chartist are ya? Try googling "descending triangle...

Not much of a chartist are ya?

Try googling "descending triangle in a bull trend" or get yourself a copy of Encyclopedia of Chart Patterns by Thomas Bulkowski for Christmas, you might understand the meaning of my comment.

A descending triangle in an uptrend has a 87% success rate with an average 38% price increase following a breakout above resistance line, this is a trend continuation pattern. On the flip side if it breaks below the support level, 0.086 in this case, we have confirmation on a reversal pattern into bearish trend, you better have a stop loss plan ready.

Simply put, at the end of the triangle:

1. If it breaks below, protect your capital.
2. If it breaks above, protect your profits.

It's a high probability setup, whether you're a holder or trader, chart patterns give you the signal to enter / exit a position.

This is a charting thread after all, how about we stick to constructive feedback on charts.

Hez