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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.

Posted on Forex blog. Click Here For Original Source Of The Article

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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