FOREX THEORY

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Breaking down the Triangle Breakouts

To help you memorize the different types of triangle breakouts, just think of facial breakouts.

Ascending triangles usually breakout to the upside. So when you think of ascending triangles, think of breaking out on your forehead.

Descending triangles usually breakout to the downside. So when you think of descending triangles, think of breaking out on your chin.

Symmetrical triangles can break either to the upside or the downside. So when you think of symmetrical triangles, think of breaking out on both your chin and forehead.

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"Remember that sometimes not getting what you want is a wonderful stroke of luck."

By Dalai Lama .

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"Winners are not afraid of losing. But loses are. Failure is part of the process of success. People who avoid failure also avoid success."

By Robert Kiyosaki.

FOREX THEORY

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Symmetrical Triangles (Part 3)

In the case of the symmetrical triangle, you want to position yourself to be ready for both an upside or downside breakout. A perfect time to use the one-cancels-the-other (OCO) order! Don’t remember what an OCO order is? Go review your types of orders!

In this scenario, GBP/USD broke out on the upside and our long entry was triggered.

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"What is success? When your ‘Signature’ changes to ‘Autograph’ ."

By Dr. APJ Abdul Kalam.

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"Long term success only comes after many short term failures."

By Billy Cox.

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Symmetrical Triangles (Part 2)

Unlike the ascending and descending triangles which are generally bullish and bearish signals, symmetrical triangles have NO directional bias. You must be ready to trade a breakout on either side!

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By Robin Sharma.

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Symmetrical Triangles

The third type of triangle is the symmetrical triangle. Rather than having a horizontal support or resistance level, both the bulls and the bears create higher lows and lower highs and form an apex somewhere in the middle.

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"The size of your success is measured by the strength of your desire the size of your dream and how you handle disappointment along the way."

By Robert Kiyosaki.

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Descending Triangles (Part 2)

Descending triangles are generally bearish signals. To take advantage of this, our goal is to position ourselves to go short if the price should breakout below the support level.

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"We learn to walk by falling down. If we never fell down, we would never walk."

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Descending Triangles

Descending triangles are basically the opposite of ascending triangles. Sellers are continuing to put pressure on the buyers, and as a result, we start to see lower highs met by a strong support level.

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By Unknown Author.

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WHAT TYPE OF COMPUTER OR OPERATING SYSTEM DO I NEED TO USE?

A minimal computer system that has 3 GB of hard drive space and 128 MB of memory running any version of Windows.

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"You have two ears and one mouth. Follow that ratio. Listen more, talk less."

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Ascending Triangles (Part 3)

What we are looking for is a breakout to the upside since ascending triangles are generally bullish signals. When we see a breach of the resistance level the proper decision would be to go long.

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"When everything seems to be going against you, remember that the airplane takes off against the wind, not with it."

By Unknown Author.

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"Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in. Staying alive is not enough"

By Alan Alda.

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Ascending Triangles (Part 2)

The story behind an ascending triangle is that each time the price reaches a certain high, there are several traders who are convinced about selling at that level, resulting in the price dropping back down.

On the other side, there are several traders who believe the price should be higher, and as the price begins to drop, buy higher than its previous low. The result is a struggle between the bulls and bears which ultimately converges into an ultimate showdown…

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"Always do your best. What you plant now, you will harvest later."

By Og Mandino.

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Ascending Triangles

Ascending triangles form when there is a resistance level and the market price continues to make higher lows. This is a sign that the bulls are slowly starting to gain momentum over the bears.

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"Your dream doesn’t have an expiration date. Take a deep breath, and try again."

By Unknown Author.

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CAN I USE ANY FOREX BROKER?

SSLFX GURU works with any trade station or broker. However, we recommend using the ActivTrades trade station. We have personally researched and used ActivTrades and have found they are committed to offering their clients fast and efficient deal execution. ActivTrades also offer traders a high level of professionalism and customer service.

If you are new to Forex trading you can sign up for a free demo trading account through ActivTrades. This demo account will allow you to make pretend trades with no risk and at real market prices. Once you are ready to open a live account, we suggest you use ActivTrades as your broker.

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"Let your dreams be bigger than your fears and your actions louder than your words."

By Unknown Author.

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Triangles

The third way you can spot breakout opportunities is by looking for triangles. Triangles are formed when the market price starts off volatile and begins to consolidate into a tight range. Our goal is to position ourselves when the market consolidates so that we can capture a move when a breakout occurs.

There are 3 types of triangles:

1.Ascending triangle

2.Descending triangle

3.Symmetrical triangle