A major uptrend consolidation pattern is now visible on the H4 chart of the EUR/AUD currency pair. It has started forming back in early May and now looks pretty impressive — with all the necessary features of a proper ascending triangle, which include a horizontal upper side and an inclined lower side confirmed by at least three price points.
You can see the triangle’s borders shown with the yellow lines on the chart image below. The cyan horizontal line is the breakout trigger for entry. The green horizontal line is the
I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this EUR/AUD pattern. You can trade it using my free Chart Pattern Helper EA.
Update 2016-05-24 9:18 GMT: The currency pair has broken through the upper border and triggered my entry at 1.56461 today at 6:40 GMT. The
Update 2016-05-24 17:25 GMT: EUR/AUD has rapidly retreated and hit my
If you have any questions or comments regarding this ascending triangle on EUR/AUD chart, please feel free to submit them via the form below.
Pls can you send me the indicator that draws triangle. Thanks
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Andriy Moraru Reply:
December 29th, 2016 at 6:54 pm
I have no such an indicator – I draw them myself in MetaTrader 4.
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