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USD/CAD Daily Chart Shows Symmetrical Triangles

December 18, 2011 by

Symmetrical triangles is often a reliable continuation pattern, but this time it continues a rather short-term trend, which can result in a tricky trade outcome. Anyway, it’s useful to monitor the USD/CAD D1 chart for both bullish and bearish breakouts, as both borders of the triangles are clearly defined and the pattern is very symmetrical.

The height of the whole pattern is 931 pips here. But, unlike the previous chart patterns, the symmetrical triangles use only half of the height as a profit target level — 465.7 in this case. The breakout points are set to the border +/- 10% of height (or 93.1 pips). As with all the breakout patterns, it’s recommended to set the stop-loss level at the high/low of the breakout bar.

The reference chart of this symmetrical triangles pattern can be seen below. You can see the pattern itself outlined with the yellow lines, the breakout lines shown with the cyan color, and the take-profit levels are marked with the green lines. The enlarged version of this chart can be accessed by click the image below:

Symmetrical Triangles Chart Pattern on USD/CAD @ D1 as of Dec 18, 2011

If you have any questions or comments regarding this EUR/CHF chart pattern, please feel free to reply via the form below.

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