I have attached two chart of mine which I have distinguished a symmetrical triangle and an ascending triangle. I think symmetrical triangle on GBPUSD is valid but I’m in doubt about ascending triangle on EurUSD because on no bullish trend before that.Are they still valid?Would you trade that with breakout?
Hey,
Either of these two triangles as you have called them could well indeed be used to trade a breakout. In my view, the second chart i would prefer to trade a breakout on as you can clearly see the horizontal line of resistance that you have drawn. This makes a breakout much easier to identify as it can only go one way for a breakout, and thats up!
The first chart, also could be used, but here you have to actually decide which way the breakout is going to go, up or down? I assume this is why you have various technical indicators also on your chart.
valid patterns breakouts are usually retested after the breakout… trading the retest instead of the break it self can save some $ 