Ascending Triangles - Gotta love 'em!

[Melf Elf]

Two Ascending Triangles.  See ALGN folder on The Stock Picking Board for updates and/or discussion, if anyone is interested.

[wrangler]

 This will be one to put on radar for monday. Monday will be their Quarter release and even though it has broken thru  it has also broken muti-year breakout along with six month resistance. It will probably have a mild pullback after cool down from earnings but I see this stock going nowhere but up. I have posted a weekly and two chart confirming the breakout on both.
Goodluck trading to all holding

UMC is breaking out of the ascending triangle.

[Melf Elf]

It's not an Ascending Triangle, but applause for the effort.

What you've got looks more like a rectangle (blue lines).  You've got a breakout on weak volume (it was only 28% greater than average daily volume), but it's a breakout, nonetheless.  You would like to see more volume come in.

13.36 is IN PLAY, as long as the stock remains above the 10.93 breakout.  Good luck!

Akclide,

I was wondering if your MGAM ever made the 13.36 target after we discussed its March 8 Rectangle breakout.

       

We ought to change the title of this thread to "Ascending Triangles...Or Any Other Pattern That Looks Bullish."



A few observations:

1. Volume did come in, a few days after the breakout

2. The 10.93 breakout of the Rectangle was re-tested and violated intraday, but it closed back above the breakout that day, at 10.96.   A little scary, intraday, wondering if there was a problem, but that worked out fine. (We need a face on the toolbar that looks like, "Whew!  I've just been to hell and back this afternoon, watching that intraday break below the pattern!")

3. This weekend in the ALTI folder on The Stock Picking Board, we're discussing the possibility of a failed Ascending Triangle breakout, and how to manage the trade.

For practice, using your MGAM, after it broke out on March 8, I would use the low prior to the breakout as "a logical stop."  That would be the low of 10.11.  Buyers stepped in there, and then the stock broke out, so 10.11 was the "last chance to get aboard."

If 10.11 had gotten taken out after the breakout, I wouldn't want the stock if players are allowed to have it for less than 10.11.  On a good breakout, we "shouldn't" get another chance to have the stock that cheaply, and if we're given that chance, I'd be very suspicious about why I'm being allowed to have a stock that "supposedly" just had a bullish breakout.

   

Once MGAM re-tested the breakout and put in an intraday low of 10.48, then rallied and took out the initial rally high of 12.41 (MGAM printed 12.44 on St. Paddy's Day), I'd raise the stop to 10.48.  

I wouldn't want to see that price again.  It would represent, not only another break back inside the Rectangle Pattern, but it also would be "a lower low" than the first intraday break back inside the pattern (the 10.48 low).

No, thank you.  

4. Volume came in BIG TIME when MGAM took out the first rally high of 12.41, then rocketed to the 13.36 target, and well beyond.  The chart below is a Candlevolume chart.  Volume is expressed by the width of the candle.

Nice pick, Akclide.  Applause.  I hope that you made a lot of $$$ on it.

[calven]

NRG - NRG Energy Inc

Possible ASC TRI forming here...

[Deadb440]

Hi all......  Not sure if you may think this Ascending Triangle is a little bit loose with how I've drawn the top but it could be getting ready to make a move...... 

[calven]

Hi all......  Not sure if you may think this Ascending Triangle is a little bit loose with how I've drawn the top but it could be getting ready to make a move...... 

Yes that is definately an ASC TRI - were all over that one...thanks for the reminder (applaud) 

[aero]

Check COGO  just broke from ascending triangle at 11.5 and now making new all time highs.

Thanks for pointing out UMC.

all the best

aero

[Quasi]

HI All

Updates on MKTY,

I'm still in this one and glad to see it has some strength on down tech days.  The weekly chart is getting more interesting, trying to breakout of the $4 resistance range.  Daily chart also interesting, volume starting to show some interest, we just need to break that $4 with some volume and then retest as support on low volume.  Chance to add more to the position, but waiting and watching right now, tech and earnings making most things very risky right now.  Waiting for the right set up.   Been taking profits and money off the table for a couple of weeks now, currently sitting with dry powder, (close to 50% cash) waiting for the earnings dust to settle.

How about Crammers BKHM, got killed today, glad I sold my JDSU couple of weeks ago as it got pulled down also, along with CIEN, I'll be watching for bottom reversals and entry points.


Quasi

[aero]

Did not post COGO chart. Stock making new all time highs and I think you will be able to see ascending triangle. Plenty of growth expected in stock as the company is ramping up its efforts and has a number of deals to close.

[Quasi]

Hi guys

What do you think about this one, I've been reducing and adding to my position for the last couple of years.  Palladium has been on steady rise and PAL, North American Palladium has been thru a couple of ASC TRI's recently, and nearing the turning point on another.

On the monthly $Palladium chart you can see where the metal's come from, although could be getting close to overbought on the monthly and a little pull back could be healthy.  But that would probably cause the current ASC TRI on NA-PAL to fail.

What do you guys think ??  Has behaved fairly well so far.

happy trading / investing
Quasi

[calven]

Check COGO  just broke from ascending triangle at 11.5 and now making new all time highs.

Thanks for pointing out UMC.

all the best

aero

That isnt an ASC TRI....

ASC TRIANGLES have a FLAT TOP with multiple reactions to the high.

[calven]

Hi guys

What do you think about this one, I've been reducing and adding to my position for the last couple of years.  Palladium has been on steady rise and PAL, North American Palladium has been thru a couple of ASC TRI's recently, and nearing the turning point on another.

On the monthly $Palladium chart you can see where the metal's come from, although could be getting close to overbought on the monthly and a little pull back could be healthy.  But that would probably cause the current ASC TRI on NA-PAL to fail.

What do you guys think ??  Has behaved fairly well so far.

happy trading / investing
Quasi

YESSSSSS!!!!!! This is what we are looking for! Thanks a lot for the post...

Will be buying (PAL)  MANY Applauds.

[wrangler]

Calven,thanks for the links at the bottom of you're post
Goodluck trading

[calven]

Calven,thanks for the links at the bottom of you're post
Goodluck trading

No Prob   


So what do we have for ASC TRI now? 

I see - PAL, NRG, MKTY (already brokeout), HCSG

[ScottishTrader]

Hey Calven,

Did you catch PAL tagging the ascending trendline today at 10.50??

No idea whay it took such a hit today, especially as Palladium is up, but could be a very nice, safe buying opp right here

Whaddya think?