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I assume that by triangle you are referring to the intraday price action
e.g. the small bear triangle forming on attached half hourly chart on which
I have not drawn in the bear triangle i.e. flat bottom and declining highs.
In a nutshell, one either enters short on the break of the flat trendline or
on the retracement to the declining trendline. The reason you don't see the
bear triangle drawn in here is that this triangle has formed at the highs of
a strong up trend. I'm not particularly adept at range trading ala Tim Morge
or I might have entered short at 1317 this morning with an exit just above
the 30 minute pivot high at 1309.40. I am waiting for price to a) break my
regression channel and b) reach the red horizontal line at the 1303.50 pivot
low before I start looking at short trades. In the meantime I am ignoring
the bear triangle and watching for a possible long entry setup.
Earl
----- Original Message -----
From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, May 22, 2001 9:36 AM
Subject: [RT]
> sorry to get off-topic here, but there is a pretty strong triangle
> setting up in the S&P, if anyone has a notion about where it will go I am
> interested in learning to trade it.
>
>
> Michael
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