Guppy Symmetrical Triangle Forex Trading Strategy

Spotting symmetrical triangle patterns is a big asset for just about any trader in the currency trading market.

It is an extremely popular type of triangle chart pattern known in technical analysis. We have developed the Guppy Symmetrical Triangle forex trading strategy.

This is a simple strategy that takes advantage of symmetrical triangle patterns when they form in a bull or bear market.

Let’s get started:

Chart Setup

MetaTrader 4 Indicators: guppy_multiple_moving_averages.ex4 (default setting), Schaff_Trend.ex4 (default setting)

Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day

Recommended Trading Sessions: Any

Currency Pairs: Any pair

Download

Download the Guppy Symmetrical Triangle Forex Trading Strategy

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Enter a buy order if the following indicator or chart pattern gets displayed:

  1. If the bullish symmetrical triangle chart pattern forms on the activity chart, it is a prelude to a bullish trend.
  2. If the green lines of the guppy_multiple_moving_averages.ex4 intersects its red lines bottom up, with price trading somewhat above, it is an indication of upward price pressures. If after price breakouts from the bullish symmetrical pattern, the green lines of the guppy_multiple_moving_averages.ex4 indicator remain below the red lines as seen on Fig. 1.0, it is a buy trigger.
  3. If the light sea green line of the Schaff_Trend.ex4 custom indicator breaks and stays above the 50.00 level, it is a trigger to go long.

Stop Loss for Buy Entry: Place stop loss below the green rising guppy lines.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following holds sway:

  1. If the green lines of the guppy_multiple_moving_averages.ex4 intersect its red lines top downward, it is an indication of downward price pressures i.e. an invitation to exit or take profit.
  2. If the light sea green line of the Schaff_Trend.ex4 custom indicator breaks below the 50.00 level during a bullish trend, it is an indication of halting buy power i.e. an exit or take profit trigger.

Sell Entry Rules.ex4

Initiate a sell order if the following holds true:

  1. If the bearish symmetrical triangle chart pattern forms on the activity chart, it is a prelude to a bearish trend.
  2. If the green lines of the guppy_multiple_moving_averages.ex4 intersects its red lines top downward, with price trading somewhat below, it is an indication of downward price pressures. If after price breakouts from the bearish symmetrical pattern, the green lines of the guppy_multiple_moving_averages.ex4 indicator remains above the red lines as seen on Fig. 1.1, it is a sell alert.
  3. If the light sea green line of the Schaff_Trend.ex4 custom indicator breaks and stays below the 50.00 level, it is a trigger to go short.

Stop Loss for Sell Entry: Place stop loss above the green falling guppy lines.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following rules or conditions takes center stage:

  1. If the green lines of the guppy_multiple_moving_averages.ex4 intersect its red lines bottom up, it is an indication of weaning bear power i.e. an invitation to exit or take profit.
  2. If the light sea green line of the Schaff_Trend.ex4 custom indicator breaks above the 50.00 level during a bearish trend, it is an indication of halting bear power i.e. an exit or take profit trigger.

Sell Trade Example

Fig. 1.1

Free Download

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About The Trading Indicators

The guppy_multiple_moving_averages.ex4 is a technical indicator that draws changing trend via the use of a technique that combines two groups of moving averages with varying time periods

The Schaff_Trend.ex4 custom indicator is an indicator that was designed by Dough Schaff, as a product of merging Slow Stochastics and the Moving Average Convergence/Divergence (MACD). The SchaffTrend MT4 indicator is by that a trend indicator.

A symmetrical triangle is price action type that forms a descending resistance line and an ascending line of support.

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