No Matter What You Call It , Here’s A Pretty Nice Setup
Technicians might use different names for
various patterns, but don’t let that confuse the issue. When you see an
alert go up on TradersWire learn to take a look for yourself, you might be
surprised at what you see.
11:26:20
Intraday
Setup Alert
From the Nightly Daytraders
Report Schlumberger (SLB)
appears ready to resume its trend down. The stock was mentioned under Low RS
issues, and is trading out of a counter-trend rally that took the stock back up
to nearly the unchanged mark. SLB is down .36 at 37.
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We might call it a countertrend rally here on the
TradersWire, but you may know it as an ascending triangle pattern. In this
particular case, the breakdown from what many associate as a bullish pattern is
actually an excellent entry point from a counter-trend rally in a Low RS issue.
So don’t let the name confuse you.
 Quayle might have spelled it potatoe, but we
still knew what he meant. Ultimately, we could all agree on what it was, and this
hot li’l “potato” was worth more than a buck before the next
countertrend rally took hold.