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 (232)	9/24/1997 12:55:00 AM
From: ftth	of 257

Rainier: Just thought of another good use for a horizontal support scan--on the daily low end. I like to buy coming out of a base that had at least 3 tests of a fairly tight support range because it makes the downside risk much clearer. I occasionally buy the day after the third test, even if it hasn't broken out to the upside yet (as long as I'm pretty positive on the stock longer term) since a stop can be set with a very small downside risk, and a fairly small chance of being tripped. P.S. I'm thinking that a horizontal support scan alone would do the trick because horizontal (significant)support on the highs occurs pretty infrequently, and when it does the majority of the cases are ascending triangles (rectangles happen even less frequently). These could be weeded out manually with little effort. Would you agree with this (since you've looked at a lot more A.T.'s than I have)? dh

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