Ascending Triangles - Gotta love 'em!

[Melf Elf]

I have a position in IMNR and it looks like  it's being tested right now.

wrangler,

That looks good.  Applause.

Notice how volume was strong on the first push to the top of the Ascending Triangle.  Then volume decreased on the pullback.  Another push to the top with some more volume, then another move down on less volume. 

Some more volume on yesterday's return to the top...

Looks like it's setting up well.  Good luck!

[wrangler]

Ascending triangle on IMNR was just broken. Yesterdy's high was .169 and it just hit .17. Hope this is beginning of new run,end of day should tell story.
Goodluck trading

[wrangler]

IMNR : taking off it's @18.5 now

[wrangler]

IMNR :@.19 going to be a good day

[Melf Elf]

Ascending triangle on IMNR was just broken.

wrangler,

Yep.  Nice job!  0.255 is IN PLAY.

[wrangler]

IMNR : volume is already higher than yesterday. Hope some of you are in.
Goodluck trading

[wrangler]

Just sold IMNR @.225 bought @.164

[Melf Elf]

[Yep.  Nice job!  0.255 is IN PLAY.

0.255 target MADE, now up 61% on the day.  Nice trade, wrangler.  Applause.

[wrangler]

Thanks Melf Elf
Keep posting them ascending triangles 

[calven]

 

[Melf Elf]

It "could be" the case that HEC...

1. BROKE SUPPORT at 0.74

2. BROKE SUPPORT at 0.68

3. BROKE SUPPORT at the bottom of the Bull Flag

....so that it could fill this gap at 0.66.  Friday's close was 0.66 exactly.

What stands out to me is that the stock did alot of chart damage, breaking all of that support to fill the gap, and not just because I typed it in caps.

HEC is down 7.3% today. 

"In general," it's best to avoid stocks that have broken support like HEC did.

[Melf Elf]

The top of this pattern in ISV is flat enough that it looks much more like an Ascending Triangle that it does a Symmetrial Triangle. 

Buying a print of 1.73 to make sure that it takes out the 1.72 probably is the safest play (there never are any guarantees).  If the target makes, it's a gain of about 22%.

Another way to play it is to buy ISV at/near the up trendline, if we get another tag of it.  That's "betting on the come" because the pattern obviously hasn't broken out, but it's a low risk entry.

I've listed the data points for that up trendline for the remainder of the week on the chart.  It comes in today at 1.426. 

A buy at, say 1.44, would be a gain of about 47% if the stock breaks out of the Ascending Triangle, and if the target of about 2.12 gets MADE.

For a stop on an ascending trendline entry, I'd use a close below 1.34, personally, to give it some room.  ISV might take out the trendline as drawn, put in a low, then rally, and we'll have to move the trendline, and connect the 1.28 with whatever low is made.

In other words, it isn't a validated trendline yet, so if it breaks today, we don't know how significant that break would be.  It could break, and still be an Ascending Triangle.

If that's confusing, ask, and I'll try to explain it better.

[Melf Elf]

Sorry about that confusing explanation, which probably was because we don't know yet what this chart is doing.

For example, ISV could go down and make a new low at say, 1.25, then rally. The trendlines would be parallel, and it would be a Bull Flag.

We'll watch it.  As of now, it looks like its been consolidating after the nice rally into late January, and that it wants to be a bullish continuation pattern. 

"Expect patterns to resolve in the direction of the trend."  The trend is bullish.

[ScottishTrader]

Keep an eye on ALI - Altair Nanotecchnologies

Making a nice move today and potential ascending triangle breakout play - resistance at 3.98 - definite buy on a break of $4

Whaddya think???

[Melf Elf]

Looks good, Scotsman.  Applause.

4.47 is IN PLAY from the January Bullish Falling Wedge Breakout.  Your Ascending Triangle breakout at 3.99 would put 4.89 IN PLAY.

I'd like to see the March 1 gap from 3.49 get filled before a breakout, though.  Hate dem gaps left open, begging for a fill.