Are we gonna break out of this triangle up or down?

Discussion in 'Trading' started by 1a2b3cppp, Jul 12, 2012.

?

  1. Break out to the top

    7 vote(s)
    28.0%
  2. Break out to the bottom

    6 vote(s)
    24.0%
  3. You drew those lines wrong, idiot

    8 vote(s)
    32.0%
  4. I don't know

    4 vote(s)
    16.0%
  1. This is not a triangle you ....

    A triangle must not have so much white space and at least 5 legs all touching the sides.

    Jesus, I thought you knew something. Now I think you are another one of those ...
     
    #11     Jul 12, 2012
  2. dv4632

    dv4632

    Not that it matters but I wouldn't call that a triangle, more like a down channel or falling wedge followed by an up channel.

    Some things I remember to keep in mind on trendlines:

    - the cash index, 24 hr futures contract, and index ETF can all have differences in their corresponding trendlines.

    - the major indexes (Dow, S&P, R2k, Nasdaq) will often have differences between their corresponding trendlines. Note today's SPY breakdown was already a DIA breakdown yesterday.

    - trendlines on a log scale chart will often come out a little different than trendlines on an arithmetic scale.

    - trendlines drawn on line charts will come out differently than those drawn across wicks on candlestick charts.

    And the longer the trendline the greater the chance for differences. Not huge differences but enough to make the difference between a breakout and not a breakout, or trendline hit and trendline failure. What all of this means I don't profess to know. All I do know is there are many ways to draw trendlines. Which means there are a lot of places to go wrong, and this can provide fertile ground for tricking yourself with hindsight observations that never work out so easily in real-time. Believe me I know from experience. :D
     
    #12     Jul 12, 2012
  3. lol @ people arguing over what constitutes a triangle and how to draw trendlines.

    Actually, the "how to draw trendlines" threads are some of the best when everyone is discussing how to do it.

    I know this kind of thing is subjective, so if you have a method that works for you, keep using it!
     
    #13     Jul 12, 2012
  4. At the start of the down trend in mid April, The Market put in a bear flag right over the 50 sma. It gapped down and then proceeded to explode back up for the next 6 days, finally beginning the expected sell off on the 7th.

    Your triangle looks just like that pattern, only larger. The price just dropped thru the bottom of a bear flag.........
     
    #14     Jul 12, 2012
  5. I'd like to request that everyone pay attention the spirit behind Bill's message. This is what 20 years spent datamining for The Grail will do to you.

    :(
     
    #15     Jul 12, 2012
  6. I'm surprised JH gets to put his name on a method that basically amounts to simple compounded channeling range trading........

    ......... and creates pages and pages of gobbledygook to convince the gullible that he is The Guru.

    :D
     
    #16     Jul 13, 2012
  7. +1

    All i see is compounded channeling with parallel projection, hardly his creation.
     
    #17     Jul 13, 2012
  8. +1

    22 years
     
    #18     Jul 13, 2012
  9. and that's just one post :D
     
    #19     Jul 13, 2012
  10. Tsing Tao

    Tsing Tao

    Looks like we're going straight up right now! To infinity and beyond!

    [​IMG]
     
    #20     Jul 13, 2012