CONCOR - Trading Ascending Triangle Pattern - Lets Understand
Trading the Ascending Triangle Pattern - CONCOR
1. Pattern Description:
An ascending triangle is a bullish continuation pattern characterized by a series of higher lows forming an ascending trendline, and a horizontal resistance line. Resistance line is marked as shown on the chart of CONCOR. The first lower low was formed at 821 Levels and second higher low was formed at 900 levels.
2. Identifying the Pattern:
Look for at least two swing highs and two swing lows to draw trendlines accurately. The swing lows are marked on the chart of Concor. Never ever try to cut the Lows or lower wicks of the candle
3. Confirmation Signals:
Watch for increasing volume as price approaches the apex or a breakout above the horizontal resistance line. I have marked the increase in the volumes at the bottom of the chart. for your reference. Volumes is one the most important factor of confirmation in the pattern formation
4. Entry Points:
Consider entering long positions upon a breakout above the resistance line or on a pullback to the trendline for a more conservative entry. The levels to enter here at 1020 / 1029 levels where the upper zone of resistance will be retested. when the zone of resistance is being retested we will see a drop in volumes which signifies that the traders are holding the stock and are not booking gains.
5. Stop-loss Placement:
Place stop-loss orders below the recent swing low or the ascending trendline to manage risk. In thsi case the stop loss will be places at 930 levels / 920 levels
6. Profit Targets:
Set profit targets based on the height of the triangle pattern, projecting the distance upward from the breakout point. I have marked the target from the base of the target to the top as the likely target. the likely target in this scenario is 1335 levels.
7. Risk Management:
Practice proper risk management techniques, including appropriate position sizing and avoiding over-leverage. Donot go over board and take entries on over leveraged positions. risk management is the key to success in the financial markets.
if you liked and agree with the concept shared please let me know and thanks for reading my idea. have a profitable week ahead.
1. Pattern Description:
An ascending triangle is a bullish continuation pattern characterized by a series of higher lows forming an ascending trendline, and a horizontal resistance line. Resistance line is marked as shown on the chart of CONCOR. The first lower low was formed at 821 Levels and second higher low was formed at 900 levels.
2. Identifying the Pattern:
Look for at least two swing highs and two swing lows to draw trendlines accurately. The swing lows are marked on the chart of Concor. Never ever try to cut the Lows or lower wicks of the candle
3. Confirmation Signals:
Watch for increasing volume as price approaches the apex or a breakout above the horizontal resistance line. I have marked the increase in the volumes at the bottom of the chart. for your reference. Volumes is one the most important factor of confirmation in the pattern formation
4. Entry Points:
Consider entering long positions upon a breakout above the resistance line or on a pullback to the trendline for a more conservative entry. The levels to enter here at 1020 / 1029 levels where the upper zone of resistance will be retested. when the zone of resistance is being retested we will see a drop in volumes which signifies that the traders are holding the stock and are not booking gains.
5. Stop-loss Placement:
Place stop-loss orders below the recent swing low or the ascending trendline to manage risk. In thsi case the stop loss will be places at 930 levels / 920 levels
6. Profit Targets:
Set profit targets based on the height of the triangle pattern, projecting the distance upward from the breakout point. I have marked the target from the base of the target to the top as the likely target. the likely target in this scenario is 1335 levels.
7. Risk Management:
Practice proper risk management techniques, including appropriate position sizing and avoiding over-leverage. Donot go over board and take entries on over leveraged positions. risk management is the key to success in the financial markets.
if you liked and agree with the concept shared please let me know and thanks for reading my idea. have a profitable week ahead.
