CFi's Triangle Money Machine

Discussion in 'Trade Journals' started by CFi, Apr 9, 2021.

  1. CFi

    CFi Member

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    I will throw in here some of the setups I'm trading or I'm thinking about trading. Like the title of the thread suggests, you will find that I'm a technical trader and I trade a lot of triangles. For some reason this chart pattern resonates really well with my trading personality. There will also be some channels.

    My setups tend to build up over 1-2 quarters with the actual trade being between 1-3 months. Price targets somewhere between 10%-50%. I will try to follow up with most setups I post in here after said time.

    Please do comment, critic and advise. You can never make enough money in the market.
     
    #1 CFi, Apr 9, 2021
    Last edited: Apr 9, 2021
  2. CFi

    CFi Member

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    To start, here's what I call a triangle upon a triangle. If you haven't heard it before, I might have come up with it. These work really well for me. As you see in the chart, the base ascending triangle built up between August 2020 and February 2021. With its earnings release, SLQT broke out of the formation rather early. It had a proper throwback to the breakout point in March from where the price built another ascending triangle. The breakout point for the second one is around $30. It popped nicely for two days but was thrown back once again. Price target of this move is still around $36. It's up again nicely today over $31.
    Screenshot 2021-04-09 at 15.39.53.png
     
    #2 CFi, Apr 9, 2021
    Last edited: Apr 9, 2021
  3. CFi

    CFi Member

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    I found another one of my favourites "triangle upon triangle" in Dropbox (DBX). This should see a nice pop above $28 with a price target between $31-32. The original triangle had a spectacular three day pop from $25 to $28. Maybe I should do a study on them one of these days. I wonder if the "upper triangle" has a higher percentage of successfully breaking out than the "original triangle".
    Screenshot 2021-04-13 at 20.54.34.png
     
    #3 CFi, Apr 13, 2021
    Last edited: Apr 14, 2021

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