Some important message for new Forex traders

So how can we take advantage of this?Simple.We can place entry orders above the slope of the lower highs and below the slop

e of the higher lows. Since we already know that the price is going to break out, we can just hitch a ride in whatever direction the market moves.

In this example, if we placed an entry order above the slope of the lower highs, we would’ve been taken along for a nice ride up.

If you had placed another entry order below the slope of the higher lows, then you would cancel it as soon as the first order was hit.

Ascending TriangleThis type of triangle chart pattern occurs when there is a resistance level and a slope of higher lows.

What happens during this time is that there is a certain level that the buyers cannot seem to exceed. However, they are gradually starting to push the price up as evident by the higher lows.

In the chart above, you can see that the buyers are starting to gain strength because they are making higher lows.

They keep putting pressure on that resistance level and as a result, a breakout is bound to happen.

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Now the question is, “Which direction will it go? Will the buyers be able to break that level or will the resistance be too strong?”

Many charting books will tell you that in most cases, the buyers will win this battle and the price will break out past the resistance.

However, it has been our experience that this is not always the case. Sometimes the resistance level is too strong,

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and there is simply not enough buying power to push it through.Most of the time, the price will in fact go up.

The point we are trying to make is that you should not be obsessed with which direction the price goes, but you should be ready for movement in EITHER direction.