Wednesday, August 04, 2004 7:28:31 PM
ADSX: Do or Die (Ascending Triangle)
Hello !!
In the last 2 months, ADSX has been trading an Ascending Triangle. This pattern is usually used for detecting trend reversals for the short run.
This one has an ascending support, right now at $2.36 and an horizontal resistance line on the $2,75 level. This 2 values should be used for trading decisions on the next weeks (or probably earlier).
The price target projection for this triangle is the $3.47 level, but off course, it’s only activated after a positive breakout of the triangle, in this case a closing price above $2.75.
You Should take a look at my ADSX Chart, in order to understand this price projections:
http://globalspeculators.com/trading_futures/index.php?board=3;action=display;threadid=13
The main problem right now is how will ADSX react tomorrow on the support level ? since today’s session was another contact on the ascending support…
A closing bellow $2.36 will invalidate this pattern and it’s projections…
On a negative scenario, with a break bellow $2.36, we have 2 main supports as references:
$2.21 and $1.94
My opinion:
I’m moderate bullish… I’ve bought a few ADSX during the end of the session, I have a stop price on $2.32 and a primary target of $2.75 for the short term…
I’m not yet trading the triangle… I’m only trading «inside» the triangle pattern…
Any opinions on my trading plan ?
Best regards !
Jesse Livermore
Hello !!
In the last 2 months, ADSX has been trading an Ascending Triangle. This pattern is usually used for detecting trend reversals for the short run.
This one has an ascending support, right now at $2.36 and an horizontal resistance line on the $2,75 level. This 2 values should be used for trading decisions on the next weeks (or probably earlier).
The price target projection for this triangle is the $3.47 level, but off course, it’s only activated after a positive breakout of the triangle, in this case a closing price above $2.75.
You Should take a look at my ADSX Chart, in order to understand this price projections:
http://globalspeculators.com/trading_futures/index.php?board=3;action=display;threadid=13
The main problem right now is how will ADSX react tomorrow on the support level ? since today’s session was another contact on the ascending support…
A closing bellow $2.36 will invalidate this pattern and it’s projections…
On a negative scenario, with a break bellow $2.36, we have 2 main supports as references:
$2.21 and $1.94
My opinion:
I’m moderate bullish… I’ve bought a few ADSX during the end of the session, I have a stop price on $2.32 and a primary target of $2.75 for the short term…
I’m not yet trading the triangle… I’m only trading «inside» the triangle pattern…
Any opinions on my trading plan ?
Best regards !
Jesse Livermore
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