Intraday Ascending Triangle 06/11/2009

I originally wrote this page on an intraday ascending triangle while I noticed the patterns unfolding in real time as some examples and follow up to my introductory page on an Ascending Triangle.

I opened my charting program around noon on this particular day and out of the six charts I had set to open on my screen, all but one had the same Ascending Triangle Chart Pattern on them.

I couldn't resist the opportunity to add this page showing some of those charts to help everyone learn about this pattern.

While chart patterns do not always work out as expected (or hoped), they often do and with the right stops in place they can be taken advantage of in many cases.

To review, some of the characteristics of an Ascending Triangle are higher consecutive lows with a common high that forms a temporary upper resistance level, or horizontal line when viewing the pattern on a chart.

The first chart below shows the XLF on an intraday chart just attempting to break out of the intraday Ascending Triangle chart pattern that formed.

Intraday Ascending Triangle Pattern

The second chart below is also of XLF but this time going back 2 days to see how the same trend lines from the pattern extended to this time frame:

Intraday Ascending Triangle XLF

The next two charts are of SPY showing how the same pattern formed, one showing intraday and the other again showing the trend lines extending back two days for comparison:

Intraday Ascending Triangle

Intraday Ascending Triangle SPY

To be honest with you, at the time I wrote this article I was a very short term trader (scalper/hybrid) and liked to trade 1 or 2 times each day. This potential move higher was on my radar to watch out for this particular day. I was able to place 2 small profitable trades this morning at the beginning of the pattern based on this expectation, one for just under a 1% gain and the other right at a 2% gain, and I was finished by 9:33 a.m.

While I do not have a subscription service to offer my readers at this time, a great way to keep up with the market direction during the week is to give the Elliott Wave Financial Forecast Service a try. Even if you're not a believer in the techniques they use themselves, I think there's a lot traders can learn and take away from their analysis.

They have a 30 day risk free guarantee so there is no risk involved for giving the service a try. Let me know if you have any questions about the service or find out more here:

Here are more pages to help with various chart patterns:




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