Analysis August 15th: Triangle at Gold Chart, Triple Tops

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First of all we can see a asyemmtric triangle chart pattern at the Gold chart. We will enter a long trade when price will break the upper resistance level at 1745.00.

The profit size of this pattern is $22.5 so the target is at $1767. To learn how to trade the triangle chart pattern you can read the article we have wrote. This is one of the most reliable patterns that appears on many securities and can create very good signals with low risk and high reward.

Remember that in case price will break downwards we will not take any short trade as it is not a good signal to trade.

At the Renault stock we can see a Double bottom chart pattern that did not break the neckline, so it is possible that it will create another bottom and evolve into a Triple bottom chart pattern.

The profit size of this pattern is $4 so the target is at $34. We will enter a trade after price breaks the neckline and performs a pullback to the neckline. Make sure the stop loss is at no more than $2 otherwise the entry will be with a small Risk:Reward ratio which is not good enough.

It is also possible to trade the Triple bottom chart pattern at the breakout of the neckline itself, which can generate good and accurate trading signals at stocks (not so much at Forex).

This stock pattern may also be a descending channel pattern, so a lower trend line is parallel to the neckline. In such case we will enter a short trade on the neckline, when price hits it and creates a reversal candlestick formation.The profit target of these trades is also $4.

You have very interesting patterns to trade today, and we wish you all profitable and successful trading!


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