Not all triangle patterns are as powerful and reliable. In fact,
triangle patterns often fail to deliver. However, there are 3 secret
characteristics of those which are highly reliable. The profits that
these triangles bring are usually massive, out-sizing the amount of
risk.To get more news about WikiFX, you can visit wikifx official website.
Before diving in to the 3 secret characteristics, youll need to know
how triangle chart patterns look like and the 2 most common types of
triangles.
#1 Ideal Symmetrical Triangle

Characteristics
1. At least 4 swings (up and down)
1. Each peak is lower than the previous and each bottom higher than the previous
2. Prices and volume diminish as the pattern is formed
3. Prices and volume usually move sharply upon the breakout (only for a bullish breakout)
#2 Ideal Right-Angled Triangle
Characteristics
1. At least 4 swings (up and down), with one of the lines being horizontal, hence the name of this triangle pattern
1. Each peak is lower than the previous and each bottom higher than the previous
2. Prices and volume diminish as the pattern is formed
3. Prices and volume usually move sharply upon the breakout (only for a bullish breakout)
What Happens Inside The Triangles?
In a bullish triangle, the bulls and bears are having a massive fight.
Initially, the bulls look to be winning, but the bears wont give up
without a fight. As the bulls push prices up to a certain level, the
bears step in, pushing prices down. The same cycle repeats, forming a
triangle.
In a bearish triangle, the bears force prices down before the bulls
wake up to push prices back up. This cycle repeats, forming a triangle.
3 Secret Characteristics
You have learnt how to identify and differentiate the 2 main types of
triangles. You are ready to discover what the 3 secret characteristics
are.
These 3 secret characteristics improve the reliability of the pattern:
1. The nearer the breakout occurs to the apex, the better
2. The more prices touch the lines, the better
3. Be wary if the volume is low during the bullish breakout
The currency pair that you are looking at is at its all-time high.
You are unsure if you should go Long right now. This pair has been
exceeding expectations for some months now. Your peers have made their
share and you dont want to be left out. But you are afraid.To get more
news about WikiFX, you can visit wikifx official website.
These 2 chart patterns are extremely helpful in warning you of an
upcoming reversal, allowing you to make money. They are the rounding
bottom and rounding top chart patterns.

Just prior to the rounding bottom, prices could be rising or falling.
At the start of the rounding bottom, prices start to fall due to heavier
selling.
After some time, optimism returns and the demand pushes
prices up. This results in the right side of the rounding bottom
forming.Prices are rising. Optimism is high and prices seem to lack
gravity. All of a sudden, prices seem to lose momentum.
Gradually, prices started to decline, forming the right side of the rounding top chart pattern. Pessimism has crept in.
Before you know it, prices plunge below the resistance zone (in gray), never turning back.
Recently, the sterling suffered a sharp loss in the wake of the fact that the UK-EU trade talks are teetering on the brink of collapse. It comes because the UK is preparing to legislate to deal freely with Northern Ireland's freight under the expectation that a trade deal with the EU is beyond reach. Once it succeeds, products from Northern Ireland will have unfettered access to the UK's market without any customs declarations as the UK has the power to decide which goods are subject to EU tariffs, but the EU's subsidies involving Northern Irish firms may not be active.To get more news about WikiFX, you can visit wikifx official website.
However, the above term is a breach of last year's Brexit deal, in which it was agreed that Northern Ireland would remain aligned to EU customs rules to avoid a hard border on Ireland. This was an important concession of the UK at that time, and the largest difference between the two parties was thus resolved. But now, the EU is likely to take legal actions over the UK's breakdown of the deal since an angry backlash has been provoked by Johnson, the British Prime Minister, who simply overrode the achieved deal after anticipating a failed negotiation.

Over the past few months, the sterling has been gaining although
there was no progress made in trade negotiations. The stalemate over the
talks surprisingly sparked a rise in the sterling both because of the
weak greenback and the expectation of financial markets on further
negotiation. This time, however, the U.S. dollar has reclaimed its
strength and the talks shall most probably break down.
Currently,
financial markets are worried about not only the Brexit with no trade
deal, but last year's Brexit deal would all be overridden. That is, not
just a trade deal is beyond reach, but a clean break from Europe is even
possible, which will lead to a sustained sell-off of the sterling.
Although there is a chance for US stocks to bounce back and again hamper
the DXY, traders seem extremely worried that the UK would eventually
adopt such hard Brexit. Thus at this stage, the sterling is not only out
of momentum in the rebound, but may even struggle in panic selling.
Unless a UK-EU agreement is achieved dramatically, the sterling is
almost certain to be thrust into a vulnerable position.
The green buck seems to recover against the Canadian dollar as it
makes the slow climb after sell rout and which may be just a correction
move as the down rally cools off albeit temporarily. Also, this week the
dollar was given a jack in the arm after the federal reserve upbeat
economic outlook that they stated this mid-week, which was way different
from the projections they had stated prior during the month of June
meeting.To get more news about WikiFX, you can visit wikifx official website.
Also, though not implicit but according to my readings between the
lines, it seems Chair Powell or the board members at large, are or may
be confident that, the American economy will recover faster than
expected even against global coronavirus pandemic.
Starting the
trading month of September, market structure has been making an
ascending channel making higher highs and higher lows and you can see
buyers are rejecting any down moves or price bid to the down side as
seen by those green piercing candle that were two of them that formed
during yesterday trading day session.

More than the key levels as clearly enumerated on the charts, market
participants are awaiting todays retail sales data from Canada and if
falls short of market forecast, then we expect supporting limit or stop
orders to the upside especially after break and retest of yesterday
trading session high.
Jasper Njuguna is a self-taught discretionary
financial markets trader. With cumulative 5 years experience trading the
markets and out of which, one and a half years of that as a prop
trader, trading large and mid-cap American equities at one of the DAY
TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of
experience in senior management roles driving small to large business
development and B2B relations in creating and implementing; learning
& development solutions, programs, organizational strategies &
frameworks, and blended learning approaches for companies and
institutions in Africa
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