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The ascending and descending triangles are two chart patterns that can be used to confirm a continuation or to detect a reversal; the former is a bullish chart pattern, whereas the latter is a bearish chart pattern.
As we previously said, the Ascending Triangle is a bullish pattern; it is formed by two trendlines. The first trendline is drawn horizontally at the highest price level and it forms the resistance line; le second trendline connects higher lows or successive troughs. When the price breaks the resistance line or the first trendline of the ascending triangle, the chart pattern tells us that the price may continue to increase and that traders should initiate a long position; this is the breakout. If the price breaks below the second trendline or the non-horizontal line, the chart pattern tells us that the price may continue to decrease and that it is time to create a short position.
The Descending triangle is the opposite of the ascending triangle. It is a bearish pattern, formed by two trendlines, where the first is a resistance (horizontal line) drawn at the lowest price level and the second is a trendline that connects lower highs or successive peaks. Technical analysis traders should initiate a long position when the asset price breaks the non-horizontal line (bullish signal), and a short position when the asset price breaks the resistance line (bearish signal).
Finviz releases a list of U.S stocks whose prices are forming an ascending or descending triangle. This list is downloaded, separately for the ascending and descending triangles, and saved in a database. This database can be used in screening, charting, trading systems...
The same website releases also several other chart formations and technical patterns. You can for example download head and shoulders pattern signals using the following downloader: Head and Shoulders Pattern.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
