Symmetrical Triangle In GOOG
One of my favorite technical patterns is the symmetrical triangle. What I like about this particular pattern is that the moves are usually very sharp and accelerated.
Right now GOOG is forming a picture perfect symmetrical triangle very similar to the symmetrical triangle that took place in gold a few weeks ago. As you know I've been long gold based on this pattern and the move was explosive in just a few days. You can scroll down if you care to see a chart of gold's symmetrical triangle.
GOOG has been in an uptrend so I would prefer to only take an upside breakout and avoid any downside breakouts. In my opinion the upside breakout should be the more reliable trade. I'll most likely get long GOOG on a move above last week's high. As always, nothing works 100% of the time so stops must be placed. We'll see what happens.
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8 comments:
Hey Kevin...Really appreciate your charts. Snooping around to figure out how to make charts as clean as yours and am getting close. Can't seem to find a way to copy and paste to other sites though. Annotate allows for the clean look and trendlines, but how can I select and copy as you do to another site from stockcharts?
Appreciate all the help.
Kev
I'm not sure exactly what you are trying to do...What I do is copy and save the chart to my computer, then I upload the chart to this blog..
Kevin,
Are you saying that you usually only take triangle breakouts in the direction of its former trend? And if it breaks to the opposite direction you will pass it?
Jordan
Yes Jordan
Thanks, found I can't just post or paste to a thread. Used Hypersnap to download to computer. Guess I'll have to get my site up and going...
I use Snagit to capture screens and then annotate with all kinds of elements. It's a great program.
great post, I was literally just looking at GOOG myself. Interested to hear your thoughts on CHL... setting up very similarly in a symmetrical triangle pattern over the past 2.5 months... perfect set up as well. what do ya think? also, wondering where exactly do you place your stops on these kinds of trades? right below the imaginary support line you've drawn i assume?
Well, it broke down. I guess Google is a good short now. Based on all fundamentals i can drop 50% and still be expensive.
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