Before reading this article, I recommend you to read the article that I have published about the Symmetrical Triangles. That article has a lot of important points that you?d better to know. Also, you?d better to know about the Symmetrical Triangles first, and then learn the other kinds of triangles, because Symmetrical Triangles are more popular. Here is the article: Symmetrical Triangle Breakout in Forex Trading
Ascending Triangles are known as bullish continuation patterns. It means they usually form on the bullish markets, and they usually break above and the uptrend will be continued.
In an Ascending Triangle, the upper leg is horizontal and the lower leg is pointed to the upward direction. Therefore, unlike the Symmetrical Triangles that both legs are pointed to the same point, in Ascending Triangles the horizontal leg is pointed to the right, and the lower leg is point to the upside.
The reason is that there is a resistance level that prevents the price from going up, and so, the price bounces down each time that it tests this resistance level. But, as the market is a bullish market and there is a lot of bullish pressure, the market tries to go up and test the resistance level again before it reaches the low price it formed last time.