Bull wedge performance

[ChartMan]

My son's SOF has returned almost 40% from an entry of 89 and my BAY has returned almost 20% from 319.
So far so good. I have a number of other ones I'm looking at this weekend, including CHLD,SCTN,CCH,HSBA,SGE,LOG
there's so many....
I missed NEX, and thanks to SKIM for pointing that one out.I had only seen the longer term view of the up channel, an missed the wedge slap bang in the middle of the last rise ( March). Far too last now, but should make it's 1000p target easily.850/870 around end of April would have been a perfect safe entry point.In at 830 mid March would have been too risky , as there was a "double top" formation with no way of forseeing the resultant wedge. Be careful going early on wedges for this very reason.
One BAD failure is HAS. One could have caught a monster cold on that . A RIGID stop loss BEFORE entry would have saved you at 320 on 30/05/00, a break of the up trend line. Anyone thinking I'll wait - it'll recover - would be sitting on a 30% loss right now and we all know the bigger the loss, the harder it is to close the bad deal.

 

[esiotrot]

hi chartman
Can you perhaps expand on a "Bull wedge"

Looking at SOF - this was a symmetrical triangle;
as is HSBA (which has just broken out and therefore confirmed a target of around 1060)
SGE is an ascending wedge in a down trend normally a continuation pattern
CHLD looks like an ascending triangle due to confirm very soon (maybe)
LOG could be seen as either in an ascending channel or a symmetrical triangle

Hence the question. I can see the obvious patterns but maybe my eyeball needs a bit of training??
Or maybe its terminology?

Peter

 

[ChartMan]

I think it's down to terminology. We all know the shape, what it means and how to calculate the target.Bear in mind also, we all see these patterns in a slightly different way.
For the record, I call a wedge a triangle shape that has either a flat top or bottom. otherwise it's a rising or falling triangle.
Right or wrong,that's how I call them.At the end of the day, they're all triangles.....

 

[Riz]

Yes I agree it's the terminology and the simplest and the most informative we keep our terminology the better...we should always keep in mind that we post for the hundreds not for the few selective and most informed ones, as they most probably are those who need it the least...so the simplest and the most informative the better...TA is suppose to be simple anyway...

Riz

 

[bigruff]

dow trading systems

Sorry,

I know its unrelated, but I heard you were into DOW and index trading systems. I'm working on the DOW/NDX/SPX and would like to exchange theories

Thanks

bigruff

 

[ChartMan]

Be happy to discuss BigRuf- see my post tonight re today's DOW.Goto teh index section and fire away.