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Ascendingtriangletrading

UiPath Bottoming & Trend Shift Signs Point to Trade PotentialHi guys! With this years bullish activity, ive been on the hunt to find assets that are down 50%+ and with unignorable strong technical signs of bottoming that will pull in bullish activity. One that i have noticed to have some nice technical signs playing out in my opinion is UiPath,Inc (PATH). This analysis is on the 1 Week timeframe giving us Macro insights. First we will discuss MAJOR Macro developments that really brought my attention to PATH. We have broken out and confirmed out of MAJOR RESISTANCE Line that expresses our major DOWNTREND. That is indication in my opinion of a Trend Change. This is important to see in a stock trying to bottom out. The 2nd MAJOR Development, is the observation of an ASCENDING Triangle Pattern. Usually its seen as a Bullish Continuation Pattern but at bottoms it can be seen as a Bottoming pattern. If we start to see signs of a breakout and then CONFIRM Support on the Blue Flat Trendline, it would signify the Triangle is playing out and we have indeed bottomed. The confirmation of Support would make a solid area to take positions. VOLUME must continue to increase if we are to breakout of the Triangle. So this next week to couple weeks will be interesting to see what happened. Also note, that for the Triangle to play out, we need to pass some Extreme RESISTANCE. There is always a possibility of a rejection here or a fakeout so maintain vigilence and watch for CONFIRMATION. Keep in mind also a rule of trendlines = The more we touch a trendline, the weaker it gets. Now lets take our attention to Current Price Action: As long as we close around these current prices today, we will print a BULLISH ENGULFING candle. This print will also have our price action ABOVE the 21 EMA. Though we've been above and below quite a few times, with other things playing out in the charts, i believe we have a more likely chance to continue ABOVE the 21 EMA. Normally in UPTRENDS, staying ABOVE the 21 EMA is needed. We will need a test of support and confirmation of maintaining it. ALong with this, if our MACD prints a BULLISH CROSS while being above the 0 level, this would be key for BULLISH MOmentum to come in. With MACD if the Red line in the RSI is broken and it takes the Path i drew out in black. This would make it likely for the Ascending Triangle to play out to the measured target. Check out my Doordash Idea to see example of Ascending triangle. __________________________________________________________________________________ Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again. Stay tuned for more updates on PATH in the near future. If you have any questions, do reach out. Thank you again. DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
NYSE:PATHLong
by SafofAllTrades
📈 HOW TO: ASCENDING TRIANGLE PATTERN📍 What Is an Ascending Triangle? This pattern emerges when the price movement allows for a horizontal line to be drawn across the swing highs, while a rising trendline is drawn along the swing lows. These two lines together form a triangle shape. Traders actively monitor triangle patterns for potential breakouts, which can occur either upward or downward. Ascending triangles are often referred to as continuation patterns because they typically result in a breakout in the same direction as the prevailing trend that was present before the triangle formation. This pattern offers traders a clear entry point, profit target, and stop-loss level, making it a tradable opportunity. It is worth noting that an ascending triangle can be distinguished from a descending triangle. 📍 How to Identify and Use the Ascending Triangle Candlestick pattern To identify the ascending triangle pattern, you need to look for a period of price consolidation within an ongoing uptrend. During this phase, the price will exhibit a series of lower highs and higher lows, indicating a temporary balance between buyers and sellers. The upper resistance line of the pattern can be found by connecting at least two highs within the consolidation phase, while a rising trendline is drawn by connecting at least two higher lows. Confirming the pattern involves ensuring that the price was in a clear uptrend before the consolidation phase, the upper resistance line is horizontal or slightly slanted upward, and the rising trendline intersects with the upper resistance line. Additionally, analyzing candlestick patterns within the consolidation phase, such as doji, hammer, or engulfing patterns, can provide further confirmation of buying pressure. Once the ascending triangle pattern is confirmed, traders can set their entry and exit points. Typically, a long position is entered when the price breaks above the upper resistance line, indicating a bullish breakout. The height of the triangle pattern can be used to estimate a target price level, and a stop-loss order should be placed below the pattern to manage risk. 💥 Key Takeaways 🔹 Ascending triangles are considered a continuation pattern, as the price will typically break out of the triangle in the price direction prevailing before the triangle, although this won't always occur. 🔹 The trendlines of a triangle need to run along at least two swing highs and two swing lows. 🔹 A long trade is taken if the price breaks above the top of the pattern. 🔹 A short trade is taken if the price breaks below the lower trendline. 🔹 A profit target is calculated by taking the height of the triangle, at its thickest point, and adding or subtracting that to/from the breakout point. 🔹 A stop loss is typically placed just outside the pattern on the opposite side from the breakout. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
3
MATICBTC is consolidation below weekly structure 🦐MATICBTC is consolidation below weekly structure. on 1d timeframe the price is creating an inverse head and shoulder on 4h timeframe the price is creating an ascending triangle IF the price will break the weekly support According to Plancton's strategy, we can set a nice order ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
MLong
by InkyGrip
16
Ascending Triangle as Continuation and Bilateral patternAscending Triangle Pattern Tutorial : Ascending Triangle is a Bullish Pattern and sometimes also act as Bilateral Pattern; What is Bilateral Pattern : Bilateral Chart Patterns are triangular patterns; they signal either a continuarion or reversal of the current price movement, mainly it depends on how the price breaks the triangle pattern. There are three main types of Bilateral Chart Patterns; 1) Ascending Triangle, 2) Descending Triangle, 3) Symmetrical Triangle. An Ascending Triangle can be easily identified if you see a rising lower trendline along with a flat resistance. Also ascending triangle have some shortcomings like it can occur false breakout and the price reverses. You need to see how strong the breakout was by looking at volume at the time of breakout and if the breakout is not strong enough you can exit the trade and before entering you need to manage risk accordingly. Check Out other tutorials; (), () Stay Tuned 👍;
Education
by tapasdhanadana
5