ding ding ding there really was no clear pattern to the OP chart.. it was a very sloppy channel or a very sloppy head and shoulders but definately not an ascending triangle. trade only the best patterns you find. If you have to force a pattern then move on.
A general rule for looking at price patterns is that they have to make sense from the next larger timescale to some extent. So, for example, if one trades off a one minute chart checking the 5 min would be a good idea because sometimes a perfect pattern on the shortest timescale happens to be the termination of an other pattern on the larger timescales. There are so many opportunities during the day that if one is a pattern trader one should wait until the geometry of the shortest and other timescales make sense. It happens more often than one would think. Regards, GC
If it look like a triangle, walk like a triangle, quack like a triangle, fly like a triangle... it must be a triangle. Except it doesn't fly....in trading. It a triangle, its a head and shoulder, its a channel... its superman.
YM has been making triangles all morning and seems to be possibly forming another as we speak: <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1404187"> edit: oops. just came out thedownside.