Triangles And Trends..
Triangle patterns have been around for ages, and there are many ways to trade
them. One of our favorite strategies at TradersWire
Interactive is to look for moves out of the pattern in the
direction of the underlying trend, thereby taking advantage of continuing
momentum if, and only if, the trend resumes.
13:43:11
Valero Energy (VLO)
is touching the top of a triangle pattern at the level of its recent high.
VLO is now up 1.00 to 48.69 and carries a
3-month relative strength rank of 91 from TradingMarkets.com.
Valero Energy
(
VLO |
Quote |
Chart |
News |
PowerRating) appears ready to break out from
the formation, and soon we will know. Swing traders can play the breakout, as
well as daytraders looking to make a quick hit and bank a quick profit.
Until tomorrow,
Duke
P.S. If you didn’t have the chance to attend yesterday’s
workshop with Larry Connors and myself,
click here to access the archive of “Six New Strategies To Profit From TM
Live Alerts”.