Triangle Patterns Used for Intraday Trading


When it comes to having expertise in technical analysis, in depth analysis of chart patterns can give traders a sharp edge in identifying upcoming moves in the market. One of the patterns with high probability is Triangle Patterns – a pattern used for recognizing breakout points(with volume) and also giving pre planned risk and reward targets.

Triangle patterns are basically continuation patterns in technical analysis which are formed when price starts consolidating, followed by a significant breakout. Traders wait for such breakouts for their entry for higher accuracy.

Types of Triangle Patterns
There are 3 types of triangle patterns :

1️⃣ Symmetrical Triangle
Formation: Lower highs and higher lows converge to form a symmetrical shape.

This pattern Reflects market uncertainty, and traders wait and watch for a breakout in the direction of the prior trend.

Breakout is confirmed with strong volume.

2️⃣ Ascending Triangle
Resistance line is horizontal i.e prices fall back from same levels again and again(same tops), and also forming higher bottoms forming a rising trendline.

Enter long positions on a breakout above resistance.

3️⃣ Descending Triangle
Support form a horizontal straight line i.e prices bounce back from same levels and at the same time forming lower tops leading to a falling trendline.

Indicates selling pressure rising, short the markets when there is a breakout at support with high volume.
These patterns are not only helpful for technical traders but also essential for those involved in intraday or swing trading strategies.

🎓 Want to Learn Triangle Patterns ?
At MHV Education, we include triangle patterns as an important part of our technical analysis module in our Stock Market Courses in Dehradun.

Follow us on Instagram for updates on our Intraday Trading Course in Dehradun!

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