Rising wedge in SPX?

I haven't quit on it anymore than I was committed to it in the first place. The point of the thread is to discuss the wedge and what it means, if anything. Thanks for playing.

 

I have heard the following from different instructors from different TA seminars about chart patterns:

1) The chart pattern is not going to work if you are the only one that see the chart pattern.

2) The chart pattern is not going to work if everybody else see the chart pattern.

3) The chart pattern is not going to work if nobody else act on the chart pattern.

4) The chart pattern is not going to work if everybody else act on the chart pattern.

5) The chart pattern is not going to work if you have to clinch you eye to see the pattern, its not there!

6) Change the time frame and you will see different chart pattern.

7) Your reverse pattern may be somebody Else's continuation pattern.

8) chart patterns work 100% looking backwards.

9) Automatic chart patterns recognition AND trading software would have been invented if chart patterns works any better than coin toss. Coin toss of course is 50% head and 50% tail.

10) Chart patterns give you absolutely no edge because chart patterns are available to everybody else.

BTW, I see double bottom (mid June, mid July), up side down head and shoulder (mid May shoulder, early June head, mid July shoulder), and flag (July, August, September channeling up).

 

But very few really know how to read them. So they give a major edge to those that do. Having the edge is the name of the game.

 

There are many types of triangles: contracting and expanding. most people just notice contracting triangles.

Triangles can occur in the middle of a correction, just before the last thrust of a rally. And if a contracting triangle, ED, at the end of a correction or rally.

Also, if what appears to be a triangular formation has impulse waves within it, it's NOT a triangle.

One needs to know exactly where the trend is heading in order to determine if the real triangles are significant. Crude recently had a triangular correction. And, it may be starting another one.

 

You say toMATo, I say toMAHto.

You say potAto. I say poTAHto.

Price patterns is so subjective to individual interpretation, how could one consistently rely on it ?

Support and resistance...OK

Channel... (a from of support and resistance). OK

Triangles, rectangles, wedges, flags, are TWA Technical Woodoo Analysis.

I remember in one of the Elliot Wave Seminar:

OK, here is the Elliot wave on the 10 minute chart. Well, not quite Elliot wave, we are going to the 5 minute chart. You don't like this, lets go to the 1 minute chart. You will find something to trade!!! You are going to do something and find something to trade!!! ALL THE TIME.

 

Maybe you are going to find some thing to trade.
If nothing meets my critieria I watch.
And, my criteria does not involve triangles.
Just passing along some info...

 

Define exactly what you mean by "work" in the above examples. I am confused.

 

If the price pattern "worked" the way it "suppose to", your trade would have, could have, should have become profitible.

 

Yeah, that would work.

 

What premise or fact says patterns have to work the way you want them to in order to become profitable?