Replies to post #29128 on lowtrade

[lowtrade]

Your doing very well at seeing chart patterns.

Some comments to help. Symmetrical triangles don't automatically project a continuation up, unless it has a prior up trend in place. With down trend it projects down and with no prior trend it's 50/50 which way to expect.

Rising wedge calls for decling in price action. Look for falling wedges for increase in price on breakout.

And for flags. Once the flag top down trend line is broken, one can enter for a 1st small position. With larger position on top resistance break. So your 2 are actually in play now.

This 2 step entry should be used for any chart pattern which needs a down trend line cross for original play break. Including double bottoms, falling wedge, pennat, flag, cup & handle, ETC. The first trend reversal show mindset change, but more important, the top resistance break show conformation most agree. Some times these can't move past resistance and retrace down past the start. You only want to hold a small position because of this possibility. But when everyone agrees at resistance cross, go for it !