Intraday Ascending Triangle 06/11/2009

This page on an intraday Ascending Triangle that I noticed today comes at a good time because I just recently added an introductory page on an Ascending Triangle.

Or maybe it's the other way around and my introductory page was good timing so people who keep up with my new pages would have been aware of what was happening on the charts today.

I opened my charting program around noon today and out of the six charts I have 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, 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.

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:

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:

I have to be honest with you, since I am a short term trader and like to trade 1 or 2 times each day, this potential move higher was on my radar to watch out for today. 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 as I do is to give the Elliott Wave Financial Forecast Service a try. I am a subscriber myself and find the information very useful to my personal trading outcome.

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:

• Stock Chart Patterns
• Double Top- Swing Trading
• Intraday Double Top
• Intraday Double Top with MACD Indicator
• Ascending Triangle
• Symmetrical triangle
• Descending Triangle
• Head and Shoulders Pattern
• Elliott Wave

Return From "Intraday Ascending Triangle" To "Stock Chart Patterns"