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Haytham:
Look, I apologize to you and anyone else that may have offended because I
was blunt.
But I reiterate again, that is not even close to being a true or meaningful
statistic. He apparently has done no good statistic work and even less
charting.
If this triangle pattern works for you when combined with other tools of
yours, I would suggest it is the other tools of yours that are doing the
work and the triangle pattern that is just wasting your time.
My book will be out as soon as I can find a quality graphics solution,
actually. I hadn't planned on refuting many myths in this one, but perhaps
I'll add a small section addressing some common misconceptions now.
Best,
Tim Morge
>"5% failure rate is when prices breakout and move less than 5% higher
>before curling around and moving below the formation.For ascending
>triangles, 5% failures are rare, occuring just 2 % of the time". page
>518, Encyclopedia of Chart Patterns.
>
>I use patterns as a part of other techniques which gives high
>probability trades.
>
>
>Best,
>
>Haytham
>
>
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