CryptoCurrency: Ethereum News September 21, 2017 at 08:30AM #ETH

.@ETHNews_ is Calling for Ethereum Explainer Content! Get paid in #Ether if your content is selected! https://t.co/5Oe7xLSGao #Ethereum

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CryptoCurrency: Ethereum News September 21, 2017 at 08:08AM #ETH

Ethereum’s Ropsten Testnet Verifies zkSNARKs Component Of @zcashco Transaction https://t.co/MFVRPH7aEb #Ethereum

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CryptoCurrency: Ethereum News September 21, 2017 at 07:47AM #ETH

Chinese Government Ministry Launches #Blockchain Research Lab Amid #Crypto Crackdown https://t.co/pAi9hR3qUs

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CryptoCurrency: Ethereum News September 21, 2017 at 06:27AM #ETH

Wall Street Blockchain Alliance Expands With Addition Of BlockEx And @RiskSpan https://t.co/OXPUNIKMBT @WallStreetBTC Interview w/@ronqman

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CryptoCurrency News: Swiss Telecom Giant Launches New Blockchain Business

A major state-owned telecommunications provider in Switzerland has created a new blockchain business.

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CryptoCurrency: Ethereum News September 21, 2017 at 03:50AM #ETH

Malaysian Authorities Address #Cryptocurrency https://t.co/FrgYM7nGa7

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CryptoCurrency: Ethereum News September 21, 2017 at 03:30AM #ETH

#Ethereum Foundation Temporarily Doubles Some Byzantium-Related Bug Bounties https://t.co/mBIX6F5yhJ @ethereumproject

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CryptoCurrency: Ethereum News September 21, 2017 at 03:12AM #ETH

Hearing In Legal Battle Between @coinbase And #IRS Is Rescheduled https://t.co/bc3s7eEADc #Bitcoin

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CryptoCurrency News: CFTC Commissioner: Blockchain Will Bring 'Sea Change' to Financial Markets

The CFTC has named one of its leaders as the new sponsor for its technical advisory committee – and he wants to see it work on blockchain issues.

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[FOREX NEWS] EUR/USD falls to low support on the Fed dot-plot

The Fed always has excuses for low inflation in the present and foresees higher inflation in the future. The markets currently buy the optimism and send the dollar higher. EUR/USD crashes from 1.20 to support at 1.1910. Further support awaits at 1.1870. Follow the live coverage of the all-important Fed decision

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[FOREX NEWS] Fed decides – live coverage

The Fed was widely expected to announce the beginning of Quantitative Tightening – beginning the reduction of its balance sheet. More importantly, markets are focused on the timing of the next rate hike. Will it happen in December? Here is the full preview: window to short the dollar and two other scenarios. Here is a live [...]

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CryptoCurrency News: Banks Are 'Afraid' of Bitcoin, Says Wealth Advisor

This wealth advisor believes banks are afraid of bitcoin, according to a new interview.

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CryptoCurrency News: Japanese Billionaire: ICOs 'Democratize Venture Financing'

Japanese billionaire Taizo Son believes ICOs will significantly impact how startups raise capital.

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[FOREX TIP] Ascending Triangle and Descending Triangle Chart Pattern Analysis

Triangle Chart Pattern Analysis

The Ascending and Descending Triangle Chart Patterns come under the category of reversal patterns. When these patterns are formed, you can expect the market to breakout from the pattern and post a reversal. This reversal can be either a change of trend or simply a retracement to the prevailing trend. The ascending and descending triangles, as the name suggests are bullish and bearish. There doesn’t have to be a strong trend for these patterns to occur and in most cases, you can often find these patterns emerging during sideways markets. In this article, we explore the details of the ascending and descending triangle patterns and how you can trade these reversal chart patterns effectively.

How is the Triangle Chart Pattern formed?

The ascending and descending triangle patterns are formed with prices making consecutive higher lows but meeting with a horizontal resistance, or price making a series of lower highs but meeting with a horizontal support level. The patterns are quite visible when you plot the horizontal support or resistance level and connect the highs and the lows which are slanting.

Although these patterns are considered to be reversal patterns, traders should be cautious as there are instances when price breaks out of the rising or falling trend line and continues to move in the opposite direction. This can be quite disastrous for those who wish to seek an early entry into the market. While this method can give you additional rewards, there is also a potential of being caught on the wrong side of the market. This is something unique to the ascending and descending triangle patterns and traders should therefore be very careful when trading these reversal patterns.

Trading the Ascending Triangle Chart Pattern

The ascending triangle pattern, as mentioned earlier is based on a horizontal resistance level. Price retests this level at regular intervals but fails to break it. As a result, price continues to move lower, but makes higher lows (which gives the name, ascending triangle). In figure 1, we have an example of an ascending triangle pattern.

Figure 1 – Ascending Triangle Pattern Structure

As you can see in the above example, the ascending triangle is formed when price repeatedly tests the resistance level but fails to break it. In the mean time, every test of resistance results in price action making higher lows. When you connect these higher lows, you can see an inclined or rising trend line. Combining the horizontal resistance and the rising trend line, you get the ascending triangle pattern. The measured move is based on measuring the distance from the first low point to the resistance level and then projecting the same from the resistance level to the upside.

Ascending Triangle Chart Pattern Trading Rules

The trading rules for the ascending triangle pattern are very simple. Once the breakout of the resistance occurs, long positions are taken. Stops are placed at the recent swing low point. You can book profits at regular intervals. Note that sometimes, price can also drop back to retest the resistance level for support, which can bring additional opportunities to go long on the pattern. The next chart below shows an example of the ascending triangle breakout pattern.

Figure 2 – Ascending Triangle Chart Pattern Breakout

In the above example, you can see how price initially rallied to the resistance but then made a low. Following this, price then makes subsequent higher highs and then retests the resistance level. After this you can see how price makes a breakout from the resistance level. Long positions are taken on the breakout and stops placed at the swing low point. In the above example, you can also see that price dips back to the resistance level to establish support, twice before rallying to the measured move target.

Trading the Descending Triangle Chart Pattern

The descending triangle pattern as the name suggests is marked by a series of lower highs and price unable to break the support in the process. What follows next is the breakout from the support level. This leads to a strong decline in prices. What is noticeable about the descending triangle pattern is the series of lower highs that are formed. Figure 3 shows an example of the descending triangle pattern.

Figure 3 – Descending Triangle Chart Pattern

In the above example you can see how the breakout to the downside results in price action pushing lower after the support level is broken. The trading rules for the descending triangle pattern are similar to that of the ascending triangle pattern. Stops would be placed at the recent swing high following the breakout of the support level. The target is based on the measured move from the highest point to the support level and this is projected lower.

The Symmetrical Triangle Chart Pattern

Besides the ascending and descending triangle pattern, the symmetrical triangle pattern is another commonly occurring chart pattern. What’s unique about the symmetrical triangle pattern is the breakout. The breakout from this pattern will decide whether prices will rally or fall. Figure 4 illustrates the symmetrical triangle pattern. Here, you can see that the breakout can occur in either direction.

Figure 4 – The Symmetrical Triangle Chart Pattern

Once the breakout level is determined, the projection is taken from the high and the low of the symmetrical triangle pattern. Stops for the symmetrical triangle are placed either at the recent swing low prior to an upside breakout or a recent swing high prior to a downside breakout.

To conclude, the ascending and descending triangle patterns are simple to trade and occur quite frequently. While you can already determine the direction of the breakout with the ascending and descending triangles, with the symmetrical triangle, traders need to be a bit more patient as price can breakout in either directions.

The post Ascending Triangle and Descending Triangle Chart Pattern Analysis appeared first on Advanced Forex Strategies.

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CryptoCurrency News: OmiseGo's ICO Token Is Tops in Market Cap, But Heavy On the Charts

A notable ICO token appears to be weathering regulatory concerns, bouncing back this week on a relatively positive newsflow and new developments.

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CryptoCurrency News: Australia's Securities Watchdog Might Run Its Own Blockchain Nodes

Australia's securities markets regulator is weighing the use of blockchain as part of broader data strategy.

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CryptoCurrency News: China's IT Ministry Backs New Blockchain Research Lab

A Chinese government ministry has launched a new blockchain research lab in order to support the development of blockchain technology in China.

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[FOREX NEWS] US existing home sales slip to 5.35 million

The annualized level of existing home sales was expected to rise by 0.3% to 5.46 million in August after 5.44 in July (before revisions). Most sales are for second-hand homes. The US dollar was stable against major currencies ahead of the all-important Fed decision later today. Commodity currencies were on the move, aided by rising [...]

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CryptoCurrency News: Tokens for Climate Change? How We Can Rise Above ICO Mania

Tokens for climate change? While you might scoff at the idea, CoinDesk advisor Michael Casey argues it's a question worth taking seriously.

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CryptoCurrency News: Raiden Release: Simpler Micropayments Go Live on Ethereum's Testnet

The developers behind Raiden Network have launched an early, simplified version of the scaling solution on the ethereum test network.

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CryptoCurrency News: Swiss Finance Regulator Cracks Down on 'E-Coin' Cryptocurrency Scheme

Switzerland's financial markets regulator has cracked down on a trio of companies tied to an alleged cryptocurrency scam.

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CryptoCurrency News: Optimizing SegWit: How Bitcoin's New Software Is Giving Scaling a Boost

Bitcoin Core's latest software includes optimizations designed to boost SegWit, a scaling upgrade that's still slowly rolling out across the network.

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CryptoCurrency News: Malaysia's Central Bank Is Close to Drafting New Cryptocurrency Rules

Malaysia's central bank could introduce rules around cryptocurrencies by the end of this year, according to statements by its governor.

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[FOREX NEWS] UK retail sales beat with 1% – GBP/USD jumps

An excellent retail sales report from the UK: a rise of 1% m/m, on top of a significant upwards revision. Year over year, sales are up 2.4%, more than double the early expectations. GBP/USD jumps and nears 1.36 The UK was expected to report a rise of 0.2% in the volume of retail sales in [...]

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CryptoCurrency News: Bitcoin's Parimutuel Problem (Or Why Shorting Doesn't Pay Today)

Parimutuel betting pools in the cryptocurrency grant traders short exposure, but there are plenty of limitations to this new type of exchange.

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