Invesco QQQ Trust Series 1 (QQQ)

[Devoid_Lucci]

Roy, in Farley's book, he's done research on converging patterns which agrees with your observation. The key factor seems to be time. Successful breakouts from converging patterns happen sooner rather than later. Before or at the point of convergence. On Farooq's chart, this means that the breakout (up or down) must happen in the next 3 days before the blue lines meet. If it does happen in that time, it usually results in fast and extended move out of the pattern. If it doesn't happen in that time, it's going rangebound, and Farley says look elsewhere for a trade.