Forex Triple Bottom Chart Pattern
The triple bottom is the opposite of the triple top and is a rare top reversal pattern, which is usually found in down trends. The trading pattern is characterized by three bottom that are almost equal in height and a trendline (resistance) connecting the highs in the triple bottom.
The pattern is confirmed on a sustained break of resistance. Stops are usually placed below the most recent level of support or the third bottom.
Forex Triple Bottom Chart Pattern Example (GBP/USD Hourly Chart)
Forex Triple Bottom Trading Ideas
Conservative forex traders: wait for a sustained break of the neckline.
Aggressive forex traders: buy in the vicinity of the third bottom. Look for bullish reversal candlestick patterns to enter a low risk – high reward trade with a tight stop loss placed below the third bottom.