Wedges, triangles, and stuff: Chart patterns for breakouts Message Board

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Strategies & Market Trends : Wedges, triangles, and stuff: Chart patterns for breakouts

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To: HeyRainier who wrote (45)	5/31/1997 3:20:00 PM
From: HeyRainier	of 257

I was looking through some other stocks which exhibited the asceding triangle formation, and you'll find that upside breakouts provide fairly profitable trading opportunities if greed doesn't overcome one's decisions. Take a look at BROC and TACT, which unfortunately were two of the bigger losers on NASDAQ's Friday activity. Both exhibited ascending triangles in April, and both broke out on the upside and continued upwards until it was met with resistance. While both temporarily broke through those resistance levels, they were soon pulled back, and those who had decided to hold longer lost a profitable trading opportunity. The pattern is similar with SPTR, and I believe a lesson can be learned from any future breakouts from ascending triangles: after an upside breakout, sell at the resistance level(despite fundamentals which may point to a higher price). And sell even quicker if those resistance levels are breached. Any comments are welcome. Regards, Rainier

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