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AUD/USD in a Symmetrical Triangle on H4 Chart

A strong downtrend that was active in AUD/USD from November 8 till November 21 has consolidated into a classic symmetrical triangle pattern. Being a continuation signal, such a triangle suggests a further bearish price action in this currency pair following a breakout.

The chart screenshot below shows the triangle marked with the yellow lines. The cyan line is my breakout entry level located at 10% of the triangle’s height (at the base) below the lower border. The green line is my potential target; it is placed at 100% of the triangle’s height below the border. I will set my stop-loss to the high of the breakout bar or the high of the preceding bar (if the breakout one trades mostly below the border). A bullish breakout will invalidate this symmetrical triangle. You can click on the image to see its full-size version:

AUD/USD - Symmetrical Triangle Pattern on 4-Hourt Chart as of 2016-12-04

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this AUD/USD pattern. You can trade it using my free Chart Pattern Helper EA.

If you have any questions or comments regarding this symmetrical triangle on AUD/USD chart, please feel free to submit them via the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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