Daily FX
๐นLive coverage of forex market news from the team at DailyFX.
https://t.me/dailyfxgroup
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โช๏ธTrading with triangle patterns: key points to remember
1๏ธโฃTriangle patterns are formed when the price starts moving within a continuously narrowing range. This range is limited by two trend lines drawn through the peaks and troughs of the pattern, which represent support and resistance.
2๏ธโฃTriangle patterns come in three main forms: symmetrical, ascending, and descending.
3๏ธโฃTriangle patterns are generally considered continuation patterns, but they can also appear before the reversal of a trend.
4๏ธโฃThe most common strategy for trading triangle patterns is to wait for a price breakout and then enter a trade in the direction of the market movement.
๐Search : #Trading_Skills
๐@dailyfx
โช๏ธTrading with triangle patterns: key points to remember
1๏ธโฃTriangle patterns are formed when the price starts moving within a continuously narrowing range. This range is limited by two trend lines drawn through the peaks and troughs of the pattern, which represent support and resistance.
2๏ธโฃTriangle patterns come in three main forms: symmetrical, ascending, and descending.
3๏ธโฃTriangle patterns are generally considered continuation patterns, but they can also appear before the reversal of a trend.
4๏ธโฃThe most common strategy for trading triangle patterns is to wait for a price breakout and then enter a trade in the direction of the market movement.
๐Search : #Trading_Skills
๐@dailyfx
๐ป
๐Descending triangle
As you can see on this chart, a descending triangle mirrors its counterpart and has one sloping and one horizontal trend line. But with descending triangles, the sloping side is the resistance line. This pattern shows that it is the bears who keep advancing on the bulls, who, from their end, canโt seem to offer adequate support to counteract the impending resistance. In the end, the bears usually break the support line, signaling the end and confirmation of the triangle and the continuation of the previous downtrend.
Though both descending and ascending triangles usually signal the beginning of a downtrend and an uptrend respectively, itโs still possible for the price to bounce off the horizontal trend line, resulting in the reversal of a previous trend. So most of the time itโs better to wait until the pattern is complete before making any trading decisions.
๐Search : #Trading_Skills#descending_triangle
๐@dailyfx
๐Descending triangle
As you can see on this chart, a descending triangle mirrors its counterpart and has one sloping and one horizontal trend line. But with descending triangles, the sloping side is the resistance line. This pattern shows that it is the bears who keep advancing on the bulls, who, from their end, canโt seem to offer adequate support to counteract the impending resistance. In the end, the bears usually break the support line, signaling the end and confirmation of the triangle and the continuation of the previous downtrend.
Though both descending and ascending triangles usually signal the beginning of a downtrend and an uptrend respectively, itโs still possible for the price to bounce off the horizontal trend line, resulting in the reversal of a previous trend. So most of the time itโs better to wait until the pattern is complete before making any trading decisions.
๐Search : #Trading_Skills#descending_triangle
๐@dailyfx
๐ป
โช๏ธDescending triangle
A descending triangle is the complete opposite of an ascending triangle pattern. Descending triangles occur in a bearish market and, as you may have guessed, are considered bearish patterns .
๐Search : #Trading_Skills#descending_triangle
๐@dailyfx
โช๏ธDescending triangle
A descending triangle is the complete opposite of an ascending triangle pattern. Descending triangles occur in a bearish market and, as you may have guessed, are considered bearish patterns .
๐Search : #Trading_Skills#descending_triangle
๐@dailyfx
๐ป
๐Ascending triangle
Typically, this pattern occurs after a very clear uptrend, which you can identify by the rising nature of its support line. It continues its climb and eventually converges with the static resistance line, breaking through it and resuming the previous uptrend. Thus, an ascending triangle is considered a bullish pattern that precedes a rise in price movement and trading volume.
Apart from identifying the future direction of price movement, ascending triangles can also indicate the best time to enter or exit trades, so spotting them on a chart means finding new opportunities for profitable trades.
๐Search : #Trading_Skills#Ascending_triangles
๐@dailyfx
๐Ascending triangle
Typically, this pattern occurs after a very clear uptrend, which you can identify by the rising nature of its support line. It continues its climb and eventually converges with the static resistance line, breaking through it and resuming the previous uptrend. Thus, an ascending triangle is considered a bullish pattern that precedes a rise in price movement and trading volume.
Apart from identifying the future direction of price movement, ascending triangles can also indicate the best time to enter or exit trades, so spotting them on a chart means finding new opportunities for profitable trades.
๐Search : #Trading_Skills#Ascending_triangles
๐@dailyfx
๐ป
โช๏ธAscending triangle
The next type of triangle patterns weโre going to look at is an ascending triangle. Ascending triangles differ from symmetrical triangles in that only their bottom side is sloping. The upper side of an ascending triangle, drawn through the peak of the formation, remains horizontal, signaling that bear resistance stays the same despite the advance of the bulls.
๐Search : #Trading_Skills#Ascending_triangles
๐@dailyfx
โช๏ธAscending triangle
The next type of triangle patterns weโre going to look at is an ascending triangle. Ascending triangles differ from symmetrical triangles in that only their bottom side is sloping. The upper side of an ascending triangle, drawn through the peak of the formation, remains horizontal, signaling that bear resistance stays the same despite the advance of the bulls.
๐Search : #Trading_Skills#Ascending_triangles
๐@dailyfx
๐ป
๐Symmetrical triangle
This is an example of a typical symmetrical triangle pattern. As you see, this pattern looks very prim and proper, with both trend lines coming together at a similar slope. This pattern is often used as a common example of triangle patterns because it forms a very clear and recognizable shape.
Symmetrical triangles occur when the price starts moving up and down within a limited range that gets smaller and smaller over time. The peaks of symmetrical triangles gradually become lower while the troughs keep climbing higher than the previous ones.
Symmetrical triangles usually occur in markets that donโt move in one direction. No single trend dominates this market, allowing buyers and sellers to influence price movements equally and create a period of consolidation.
Typically, when the price does break out from this limited range of movement, it moves in the direction of the previous trend with much more volume than during the formation of the pattern, showing that traders have moved away from the period of indecision and the trend is back on track.
๐Search : #Trading_Skills#symmetrical_triangle
๐@dailyfx
๐Symmetrical triangle
This is an example of a typical symmetrical triangle pattern. As you see, this pattern looks very prim and proper, with both trend lines coming together at a similar slope. This pattern is often used as a common example of triangle patterns because it forms a very clear and recognizable shape.
Symmetrical triangles occur when the price starts moving up and down within a limited range that gets smaller and smaller over time. The peaks of symmetrical triangles gradually become lower while the troughs keep climbing higher than the previous ones.
Symmetrical triangles usually occur in markets that donโt move in one direction. No single trend dominates this market, allowing buyers and sellers to influence price movements equally and create a period of consolidation.
Typically, when the price does break out from this limited range of movement, it moves in the direction of the previous trend with much more volume than during the formation of the pattern, showing that traders have moved away from the period of indecision and the trend is back on track.
๐Search : #Trading_Skills#symmetrical_triangle
๐@dailyfx
๐ป
โช๏ธSymmetrical triangle
The first type of triangle pattern weโll discuss is a symmetrical triangle. Letโs take a look at the chart below.
๐Search : #Trading_Skills#symmetrical_triangle
๐@dailyfx
โช๏ธSymmetrical triangle
The first type of triangle pattern weโll discuss is a symmetrical triangle. Letโs take a look at the chart below.
๐Search : #Trading_Skills#symmetrical_triangle
๐@dailyfx
๐ป
โช๏ธHow to Trade Triangle Chart Patterns
What is a triangle pattern?
A triangle chart pattern is a consolidation pattern that involves an asset price moving within a gradually narrowing range. Triangle patterns visualize the battle between buyers and sellers in the market. Despite this battle, triangle patterns generally signal the continuation of a previous trend, so traders tend to wait for the price to break out of the range to enter a trade.
Triangle patterns can be identified on a chart by drawing two trend lines through the peaks and troughs of the formation. If the trend lines start far apart but later converge, the pattern you see is indeed a triangle chart pattern.
๐In this article, you will learn about the different types of triangle patterns, how to identify them on a chart, and what trading strategies you can use if you spot a triangle pattern on a chart.
๐Search : #Trading_Skills#Triangle_Pattern
๐@dailyfx
โช๏ธHow to Trade Triangle Chart Patterns
What is a triangle pattern?
A triangle chart pattern is a consolidation pattern that involves an asset price moving within a gradually narrowing range. Triangle patterns visualize the battle between buyers and sellers in the market. Despite this battle, triangle patterns generally signal the continuation of a previous trend, so traders tend to wait for the price to break out of the range to enter a trade.
Triangle patterns can be identified on a chart by drawing two trend lines through the peaks and troughs of the formation. If the trend lines start far apart but later converge, the pattern you see is indeed a triangle chart pattern.
๐In this article, you will learn about the different types of triangle patterns, how to identify them on a chart, and what trading strategies you can use if you spot a triangle pattern on a chart.
๐Search : #Trading_Skills#Triangle_Pattern
๐@dailyfx
๐ป
โช๏ธWill Inflation Push the Market Even Lower?
โฐThe US Bureau of Labor Statistics will publish its update on inflation on October 13 at 15:30 GMT+3.
๐นInflation is currently one of the hottest topics. That's because it's on the Fed's radar. It wants to bring inflation down. If the upcoming CPI data continues to rise, the Fed may try to change its policy to a more hawkish one. Of course, the Fed is already expected to raise rates at the upcoming November and December meetings, but these increases may be larger or may last until 2023. Any scenario will be considered.
๐ If the US CPI exceeds forecasted, USD will likely strengthen against other currencies.
๐Alternatively, the USD will drop.
๐Instruments to trade: EURUSD, USDCAD, USDCHF.
๐Search : #USD#DXY#CPI
๐@dailyfx
โช๏ธWill Inflation Push the Market Even Lower?
โฐThe US Bureau of Labor Statistics will publish its update on inflation on October 13 at 15:30 GMT+3.
๐นInflation is currently one of the hottest topics. That's because it's on the Fed's radar. It wants to bring inflation down. If the upcoming CPI data continues to rise, the Fed may try to change its policy to a more hawkish one. Of course, the Fed is already expected to raise rates at the upcoming November and December meetings, but these increases may be larger or may last until 2023. Any scenario will be considered.
๐ If the US CPI exceeds forecasted, USD will likely strengthen against other currencies.
๐Alternatively, the USD will drop.
๐Instruments to trade: EURUSD, USDCAD, USDCHF.
๐Search : #USD#DXY#CPI
๐@dailyfx
๐ป
โช๏ธUSD Moves Weird Ahead of CPI
โฐThe United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.
๐กThese indicators show a change in the price of goods and services purchased during the previous month. The main difference between the headline and the core indicator lies in the calculations. The Core CPI excludes food and energy prices due to their volatility.
The inflation rate is the most significant measure of economic health nowadays. Fed uses it to plan future rate changes and change quantitative tightening measures. The release greatly impacts almost every asset, including gold, stock market, cryptocurrency, and all USD-related forex pairs.
๐นIs this release special?
In brief, yes. When Federal Reserve released its statement on July 27, Fed chair Jerome Powell stated they had achieved the โneutral zone.โ The current US interest rate of 2.50% is neither stimulating nor slowing the economy. Future rate changes will depend only on the economic data. Many analysts believe we have passed the most hawkish point of the Fedโs monetary policy.
Thus, a higher-than-expected CPI release will have a massive impact on the USD and Gold, which tend to move in the opposite direction. High inflation would mean the Fedโs policy isnโt good enough to control the prices, and a chance of a bigger rate hike will rise. As for now, the market expects a 50-basis-point hike on September 21.
๐Search : #USD#DXY#CPI
๐@dailyfx
โช๏ธUSD Moves Weird Ahead of CPI
โฐThe United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.
๐กThese indicators show a change in the price of goods and services purchased during the previous month. The main difference between the headline and the core indicator lies in the calculations. The Core CPI excludes food and energy prices due to their volatility.
The inflation rate is the most significant measure of economic health nowadays. Fed uses it to plan future rate changes and change quantitative tightening measures. The release greatly impacts almost every asset, including gold, stock market, cryptocurrency, and all USD-related forex pairs.
๐นIs this release special?
In brief, yes. When Federal Reserve released its statement on July 27, Fed chair Jerome Powell stated they had achieved the โneutral zone.โ The current US interest rate of 2.50% is neither stimulating nor slowing the economy. Future rate changes will depend only on the economic data. Many analysts believe we have passed the most hawkish point of the Fedโs monetary policy.
Thus, a higher-than-expected CPI release will have a massive impact on the USD and Gold, which tend to move in the opposite direction. High inflation would mean the Fedโs policy isnโt good enough to control the prices, and a chance of a bigger rate hike will rise. As for now, the market expects a 50-basis-point hike on September 21.
๐Search : #USD#DXY#CPI
๐@dailyfx
๐ป
๐How to trade on the RBA statement?
๐If the bank raises the rate more than expected, the AUD will soar.
๐Otherwise, the AUD will likely fall.
Beware of trading before the news come out because volatile price swings may lead you to severe losses.
๐Instruments to trade: AUDUSD, AUDJPY, AUDCAD.
๐Search : #AUD#RBA
๐@dailyfx
๐How to trade on the RBA statement?
๐If the bank raises the rate more than expected, the AUD will soar.
๐Otherwise, the AUD will likely fall.
Beware of trading before the news come out because volatile price swings may lead you to severe losses.
๐Instruments to trade: AUDUSD, AUDJPY, AUDCAD.
๐Search : #AUD#RBA
๐@dailyfx
๐ป
โช๏ธIs Australia Ready for More Hikes?
โฐThe Reserve Bank of Australia (RBA) will release its interest rates and make a statement on August 2, 7:30 GMT+3.
๐นThe statement is a detailed economic outlook that gives projections for the following months. Thatโs why this is Australiaโs most significant economic release.
๐นHow will the AUD react?
As the world is under high inflation, currency prices are influenced by rate hikes before the hikes actually happen. Only a bigger-than-expected rate increase may become a potent bullish factor for the AUD.
Last time, the RBA raised the rate by 50 basis points as expected. The AUDUSD pair lost 1300 points after the release. With a 1-lot trade, you would have earned up to $1300.
๐Search : #AUD#RBA
๐@dailyfx
โช๏ธIs Australia Ready for More Hikes?
โฐThe Reserve Bank of Australia (RBA) will release its interest rates and make a statement on August 2, 7:30 GMT+3.
๐นThe statement is a detailed economic outlook that gives projections for the following months. Thatโs why this is Australiaโs most significant economic release.
๐นHow will the AUD react?
As the world is under high inflation, currency prices are influenced by rate hikes before the hikes actually happen. Only a bigger-than-expected rate increase may become a potent bullish factor for the AUD.
Last time, the RBA raised the rate by 50 basis points as expected. The AUDUSD pair lost 1300 points after the release. With a 1-lot trade, you would have earned up to $1300.
๐Search : #AUD#RBA
๐@dailyfx
๐ป
๐How to trade on the BOE governorโs speech?
๐ธWe expect the event to pave the way for GBP. Thus, further economic releases will have a greater impact on the currency.
๐If the speech is more hawkish than expected โ the GBP will strengthen.
๐Otherwise, the pound is likely to fall lower.
๐Instruments to trade: GBPUSD, EURGBP, GBPCAD.
๐Search : #GBP#BOE
๐@dailyfx
๐How to trade on the BOE governorโs speech?
๐ธWe expect the event to pave the way for GBP. Thus, further economic releases will have a greater impact on the currency.
๐If the speech is more hawkish than expected โ the GBP will strengthen.
๐Otherwise, the pound is likely to fall lower.
๐Instruments to trade: GBPUSD, EURGBP, GBPCAD.
๐Search : #GBP#BOE
๐@dailyfx
๐ป
โช๏ธBank of England Tries to Save the Pound
โฐThe governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).
๐นTraders usually scrutinize his public engagements to get clues regarding future monetary policy. As the central bank controls short-term interest rates, its head has more influence over the nationโs currency value than any other person.
๐นWhy is it important?
Volatility is a common thing during Andrew Baileyโs speeches. Although the last meeting in May didnโt bring volatility to the GBPUSD pair, it prepared the market for the next dayโs PMI release. The governor pointed out that BOE is ready to raise the rates if the economy suffers. Thus, lower-than-expected PMI data (negative for the currency) crashed the pound against the USD by 1170 points. A one-lot trade would have brought you $1170.
๐Search : #GBP#BOE
๐@dailyfx
โช๏ธBank of England Tries to Save the Pound
โฐThe governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).
๐นTraders usually scrutinize his public engagements to get clues regarding future monetary policy. As the central bank controls short-term interest rates, its head has more influence over the nationโs currency value than any other person.
๐นWhy is it important?
Volatility is a common thing during Andrew Baileyโs speeches. Although the last meeting in May didnโt bring volatility to the GBPUSD pair, it prepared the market for the next dayโs PMI release. The governor pointed out that BOE is ready to raise the rates if the economy suffers. Thus, lower-than-expected PMI data (negative for the currency) crashed the pound against the USD by 1170 points. A one-lot trade would have brought you $1170.
๐Search : #GBP#BOE
๐@dailyfx
๐ป
๐How to trade on the US CPI?
๐If the US CPI is greater than forecast, the USD will likely strengthen against other currencies.
๐If the US CPI is lower than forecast, the USD will likely weaken against other currencies.
๐Instruments to trade: EURUSD, USDCAD, GBPUSD.
๐Search : #USD#CPI#DXY
๐@dailyfx
๐How to trade on the US CPI?
๐If the US CPI is greater than forecast, the USD will likely strengthen against other currencies.
๐If the US CPI is lower than forecast, the USD will likely weaken against other currencies.
๐Instruments to trade: EURUSD, USDCAD, GBPUSD.
๐Search : #USD#CPI#DXY
๐@dailyfx
๐ป
โช๏ธWill CPI push USD higher?
โฐThe US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).
๐นThe index accounts for most of the overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates.
๐นLast time, the CPI met the expectations but beat the previous month's numbers. As a result, the EURUSD lost more than 500 points. If you traded one lot, you could have earned more than $500.
๐Search : #USD#CPI#DXY
๐@dailyfx
โช๏ธWill CPI push USD higher?
โฐThe US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).
๐นThe index accounts for most of the overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates.
๐นLast time, the CPI met the expectations but beat the previous month's numbers. As a result, the EURUSD lost more than 500 points. If you traded one lot, you could have earned more than $500.
๐Search : #USD#CPI#DXY
๐@dailyfx
๐ป
๐The previous monthโs result was slightly higher than expected, 1.0% vs. 0.9%. Due to the high forecasts, the CAD has been steadily growing since March 8. The sustainable growth of the currency means it is not affected much by releases.
๐ธHow to trade on CAD CPI release?
Even if the previous results might not move the CAD crucially, anything could happen.
๐If the CPI is high, the CAD will rise.
๐If the CPI is depressive, the CAD will fall.
๐Instruments to trade: USDCAD, EURCAD, CADJPY
๐Search : #CAD#CPI
๐@dailyfx
๐The previous monthโs result was slightly higher than expected, 1.0% vs. 0.9%. Due to the high forecasts, the CAD has been steadily growing since March 8. The sustainable growth of the currency means it is not affected much by releases.
๐ธHow to trade on CAD CPI release?
Even if the previous results might not move the CAD crucially, anything could happen.
๐If the CPI is high, the CAD will rise.
๐If the CPI is depressive, the CAD will fall.
๐Instruments to trade: USDCAD, EURCAD, CADJPY
๐Search : #CAD#CPI
๐@dailyfx
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