Symmetrical triangle and triple bottom on EURUSD

Symmetrical triangles are chart formations where the slope of the price’s highs and the slope of the price’s lows converge together to a point where it looks like a triangle. What is happening during this formation is that the market is making lower highs and higher lows. This means that neither the buyers nor the sellers are pushing the price far enough to make a clear trend. Eventually, the symmetrical triangle resolves itself and often with an explosive breakout in the direction of the preceding trend.

A Triple Bottom chart pattern is very similar in presentation to a head and shoulders bottom in that it contains three lows, albeit all occurring at an equal level. Like the head and shoulders bottom, the triple bottom is also as a reversal pattern.The appearance of the triple bottom indicates the existence of a downtrend, which is currently in the process of transforming into an uptrend and is one of the patterns that takes the longest to fully develop, with an average formation time of around four months, however, there is a strong train of thought which decrees that the longer a trend takes to develop, the stronger the significance of the price move once breakout does occur.