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To: Galirayo who wrote (129828)	2/22/2006 1:09:01 PM
From: bcrafty	Read Replies (3) \| Respond to of 209892

Ray, the old expression about experience being the best teacher has me a little leary of MGPI because of its sharp ascent of its leg from early this year; those ascents sometime end up forming the left side of a multimonth triangle or wedge, and it's quite possible MGPI might be in one now. I'd keep my stops fairly close. On the weekly chart that you posted yesterday IVAN may have recently broken out of one such pattern that lasted over two years. They're not a nice thing to be trapped in, and until I learned to look for those possibilities, I found myself trapped in more than a few over the years. And, sometimes, just when you think you see those triangles resolving themselves, I've seen some morph into declining wedges (torturing the bulls even longer g/ng). My bottom line - my experience has told me, as tempting as those charts might look for another leg up, to avoid patterns with a steep recent ascent like the one on MGPI, or if I feel that I simply must play one, keep the stop fairly short.