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Here's A New Angle On An Old Pattern

By Chris Tyler | TradingMarkets.com
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When the background evidence exists, it might be worth your time to consider trading triangles.....as a reversal play. There's been much written about triangles being notorious as continuation patterns, but when supports are in place and a well defined entry presents itself, maybe it's time to "close the book" and find a new "angle" from which to trade.

10:41:39
Intraday Setup Alert
Genentech (DNA) is attempting an upside reversal out of an intraday symmetrical triangle. Today's lows tested the 50% Fibonacci retracement from lows set last week, as well as the established lows after a bullish gap higher on March 18th. The stock is down 2.07 at 34.32.

So, next time you see a triangle pattern with confirming technical evidence, think about "continuing" to open up your trading by skills by entering a trade contrary to what has widely been written, and see a "reversal in your own fortune."

Chris Tyler


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