Post feedPrice Patterns Class 8/29
Here is a quick compilation of symbols for various patterns we followed up on and introduced for this week. Keep an eye out for breakouts of each of these patterns.
FCX- Ascending Triangle. Not an ideal location being at the bottom of a pullback, but worth watching regardless.
JLG- Descending Triangle...BROKE TODAY
PTEN- Inverse Head & Shoudlers pattern, no sign of confirmation yet.
ARG- Already had confirmation, but strong re-test today!
TKR- Large Symmetrical Triangle, still waiting for confirmation.
OIS- Descending Triangle
THE- Descending Triangle
ATI- Descending Triangle
MLM- Desceding Triangle
BTU- Descending Triangle
DIS- Symmetrial Triangle
TTI- Symmetrical Triangle
CVD- Pennant formation
As with all trades we watch in this class, no trades should be taken until a confirmation is given. The general rule on confirmation is a closing price to land outside a target support or resistance line accompanied with heavy volume.
FCX- Ascending Triangle. Not an ideal location being at the bottom of a pullback, but worth watching regardless.
JLG- Descending Triangle...BROKE TODAY
PTEN- Inverse Head & Shoudlers pattern, no sign of confirmation yet.
ARG- Already had confirmation, but strong re-test today!
TKR- Large Symmetrical Triangle, still waiting for confirmation.
OIS- Descending Triangle
THE- Descending Triangle
ATI- Descending Triangle
MLM- Desceding Triangle
BTU- Descending Triangle
DIS- Symmetrial Triangle
TTI- Symmetrical Triangle
CVD- Pennant formation
As with all trades we watch in this class, no trades should be taken until a confirmation is given. The general rule on confirmation is a closing price to land outside a target support or resistance line accompanied with heavy volume.
Perhaps it is your time frame. Descending triangles don't exist over 1 1/2 weeks. The minimum time frame for a descending triangle ought to be 1-3 months minimum. I drew the pattern on THE a while back. The article is in the archive...but paste this link in your browser to see...it's a perfect example with great consistency.
http://optionaddict.blogspot.com/2006/08/yawnand-trade-on.html
Posted by
Option Addict |
8/29/2006 04:30:00 PM
I noticed on ARG that the stock rallied at the end of the day to perform a hammer candlestick pattern. It closed outside of the descending triangle, but just barely. Do you still trade this breakout? Do you wait to see where it opens tomorrow? Just wondering what your mentality is on this trade.
Posted by
Anonymous |
8/29/2006 07:50:00 PM
I meant JLG, not ARG
Posted by
Anonymous |
8/30/2006 09:50:00 AM
How about goog? Would you call that a triangle also. I am see lots of triangles these days like grmn etc could it be due to low volumes.
Posted by
mahmood |
8/30/2006 02:37:00 PM
It looks like BTU broke out today also.
Posted by
Debbie Davis |
8/30/2006 06:38:00 PM