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Strategies & Market Trends : TRIPLE TRADES -- Ignore unavailable to you. Want to Upgrade?

To: Fiscally Conservative who wrote (199)	11/6/2020 5:34:53 AM
From: Bull RidaH	1 Recommendation Recommended By Fiscally Conservative Read Replies (1) \| Respond to of 4397

My analysis posted here over the past month on key indices (SPX & NDX), of which AAPL is a primary driver, has them moving to higher targets (3865 & 13,000) before suffering lasting set-backs. Those targets will be very difficult to achieve absent the upside breakout of AAPL from the symmetrical triangle it had been confined in. So we watch... and wait for the upside breakout above the 117.50 area to be solidified and confirmed, which fundamentals along with a skeptical market psychology certainly support. Volume statistics and gapping history would have no bearing on calculating a measured move from a pattern breakout, nor the expected machinations on the way to as well as after the target is achieved. The symmetrical triangle is in a distinct group of patterns known as reversal patterns, identified through experience of observation by great market technicians such as Gann, Pring & Murphy, who all wrote many great books on the subject. Reversal meaning the trend in place at the time the pattern formed should be expected to end, and prices move in the opposite direction after the target price is achieved. Thanks to my dad's extensive trading library, I read nearly 50 books from these and many other authors such as Livermore, Prechter and George Lindsay on technical analysis during the formative stage of my trading career in the mid 90's.... but it was by spending the grueling hours analyzing thousands of charts and attempting to apply what I'd read from the great minds in the industry to the charts of stocks, indices and commodities that allowed me to unlock predictive analysis that at times has yielded great profits and entertaining calls on SI over the past 22 years. I was able to identify a couple dozen or so patterns during that formative phase that yield predictable and profitable trade opportunities, and symmetrical triangles rank near the top of that list. Hopefully we all continue to learn and earn together, and I'm happy to help if you have specific questions.