Day trading the FTSE 100..Ascending triangle?

[Emmanuel151993]

Hello here is one of my analysis as I am still new to it but I spotted this and wanted to know if I am right.... THANKS GUYS !!!!!

 

[malaguti]

Hello here is one of my analysis as I am still new to it but I spotted this and wanted to know if I am right.... THANKS GUYS !!!!!

i personally wouldn't have considered that an ascending triangle, but thats just me

 

[Emmanuel151993]

Alright, why do you think so? so I can know if I am wrong..

 

[malaguti]

Alright, why do you think so? so I can know if I am wrong..

well, an ascending triangle is generally a bullish continuation pattern, it suggests a breakout to the upside..yours doesn't resemble that at all.

are you perhaps thinking of a megaphone pattern? Even then, i'd probably have said no

 

[Emmanuel151993]

This is what I meant.. yeah mine definitely does not look like the one you showed but take a look at this photo....

 

[malaguti]

This is what I meant.. yeah mine definitely does not look like the one you showed but take a look at this photo....

then yes, you meant the megaphone or broadening triangle, which is supposed to look the reverse of a symmetrical triangle
the only problem I had with your initial example, was that there was no real baseline, a clear element of support, and no expansion of the triangle
Not that im an expert and it doesn't mean it can't take any sort of form, but most of the time there are patterns you could be looking for, which aren't that obscure
also, the broadening formation ususally comes at market tops or bottoms and again in your case it would seem as though the top had already come in
just my observation of course

 

[Emmanuel151993]

Thanks a lot. I appreciate the help mate !