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Strategies & Market Trends : Chart Formations

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To: belker who wrote (138)	1/19/1999 3:55:00 PM
From: sean sanders	Read Replies (1) of 967

ATEC ascending triangle play: Just to add some more info to the asc triangle play. I didn't raise my stop and I was hoping for a hammer formation on 1/15; what I got instead was a small black candle. So I went through the weekend debating what play I was going to do and I decided to raise my sell stop to 9 3/8 and then check the price when I got home from work (early day today). As of right now the stock is staying close to the MM (measured move) I think I figured it out ~10.50. My plan as of right now is to throw in a sell limit order in at 10 3/4. It's real close to there right now, so I think I may have some luck with it. My observations about this trade revealed to me (or actually reminded me that) many asc triangles compleat their MM and then go from there ... ie 1. stay in the near vacinity for a few days (forming hammers, doji etc...) 2. run right back down to the new support line 3. move slower down to the new support line 4. stay in the near vacinity for a few days and then keep moving up. 5. I can't really recall many triangles just flying through the measured move and beyond quickly I feel these rules may be different for sym triangles; because I can recall many sym triangles preceding huge rises in prices. I think the better way to have played this trade would have been to have set a sell limit at a predetermined amount close to the MM. ie if the measured move was 10 1/2 then place the sell limit at say 10 1/2 or 10 3/8 depends on how risky one cares to be or confident. I was lucky with this one being that it stayed near the MM for more then a day. I remember playing one asc triangle and it went up then straight back down took like 4 days to compleat the process (2 days up, 2 days down). any comments? or suggestions on how I should have played this better? Sean p.s. ATEC is at 10 13/16 ask ... sometimes I hate real-time, makes me more greedy for that 1/8 of a point more. Sometimes it's easier to throw a limit sell in - a place and forget order persay

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