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A couple of comments:
#1 Your first (red) wedge was nicely formed, made a nice profit, then gapped
down the next day. A hard one to position trade, good for a scalp if one
buys breakouts.
#2 red line - too steep an angle on the uptrend line ... this was adjusted
out on the retracement.
#3 red line - ditto on too steep but notice the mine sweeper. also notice
that the minesweeper was followed by a modest breakout and a retracement
which was very nice entry. In fact, of the three, this is the only one I
would have taken if I were not in car chasing mode.
I'm not in any way suggesting that I would have caught this, just commenting
on what I do look for when I'm evaluating triangles and wedges. Obviously,
the end result was well worth a couple of false starts, however the SP which
I trade has been very difficult to catch major moves. Also, it's generally
paid to take modest profits and run which tends to encourage one to forsake
the larger moves.
Anyway, good discussion, thanks for posting the examples.
Earl
----- Original Message -----
From: "tradewynne" <tradewynne@xxxxxxxxx>
To: "realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, May 01, 2003 9:16 AM
Subject: [RT] Re: Triangles- PPS Trading System
> --- In realtraders@xxxxxxxxxxxxxxx, "EarlA" <earl.a@xxxx> wrote:
> > That's true, however a good breakout will almost never break below the
lower
> > trendline ... your bean chart is a good example.
>
> Or not ;-).... Here's the way someone *might* have drawn Tri's in real
time.
> I put in some fat red bars that SN3 did break below.
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