The Descending Triangle Forex Swing Trading Strategy
This swing trading strategy is one of the triangle pattern formation and it is quite easy to identify:
First is the market has to be in a downtrend. The price will have a slight consolidation when it hits the support line. It then moves up and touches the falling trendline which is the resistance area. The price will squeeze until it breaks the support.
The candle must break and close below the support line.
Place a sell stop order 3-5 pips below the low of the breakout candle.
Place stop loss right above the downward resistance line or place it around 5-30 pips above the high of that breakout candlestick.
Take profit 3 times what you risk or calculate the height of the pattern and use it to take profit target price level. (In the image, it uses the height of the pattern.)
Open an NZDUSD daily chart
How to install The Descending Triangle Forex Swing Trading Strategy?
Download The Descending Triangle Forex Swing Trading Strategy.zip
Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
Copy tpl file (Template) to your Metatrader Directory / templates /
Start or restart your Metatrader Client
Select Chart and Timeframe where you want to test your forex strategy
Right click on your trading chart and hover on “Template”
Move right to select The Descending Triangle Forex Swing Trading Strategy
You will see The Descending Triangle Forex Swing Trading Strategy is available on your Chart