Descending Triangles...?!?

[Speculator]

[Speculator]

last position was closed with 6 pip profit

[Speculator]

Short at 2310

[Speculator]

Very choppy week…my head is still spinning …two false break outs …surprisingly good trading result …mostly thanks to the run to triangle's top and back. Last trade still open SL moved to .2303
Weekly stats:
7 trades total (3long, 4short):

1. L 2250-2356= 106
2. S 2356-2255= 101
3. L 2250-2195= 55
4. S 2222-2255= -33
5. S 2280-2285= -5
6. L 2368-2374= 6
7. S 2310-open= 30
------------------------------------
260 pips

Good God thanks a lot

[snprr]

nice job... funny pic...

[snprr]

Speculator,

I have a question kind related to the method you used for trading the recent daily triangle (I think that's what you were doing;}). Since the price is about to close below the base of the triangle, is that considered a "true" breakout. Or is there some kind of confirmation needed? Or can breakouts only occur on the topside of a downward triangle?

Thanks
snprr

[snprr]

in case anybody was still wondering,
http://www.equis.com/Education/TAAZ/?page=33,
I had no idea what an Andrew's pitchfork was.

I recognized the trendlines, trend projections, and I think there were some MAs scattered in his initial post, but all of the lines were rather confusing (still are). And I wasnt quite sure as to the exact significance of them.

So the blue and green lines are both "andrews pitchforks?"

I now notice that some of those lines that were confusing me are fibos (green and blue dotted lines).

I'm still at somewhat of a loss for how you plotted your lightblue projection magically bouncing off some of those red and blue lines.... and yet it went thourhg others... Does it have to do with the fact that at those points, more than one line overlaps/intersect, increasing the significance?

... trying to clawup the tree... very slowly...
Thanks,
snprr

[Speculator]

snprr,
I haven't been able to pay attention to the forum last several days... but will try to find answer to your question(s) tonight. It would be easier if you use the chart(image) that you refer to…

Regards...