how to spot ascending triangle before breakout?

M

mute9003

they are obviously very easy to see after the breakout happens
any tips on how to spot them before the breakout?

here is what usually happens when i try to trade them

1 scenario. i find it i chart it and i wait.and it doesnt break out

2 i completely miss it even if i look at that chart and sometimes even chart it.
wheni come back to it the breakout already happened. i always seem to miss that breakout point.

the false breakout one always seem to be a perfect ascending triangle very easy to spot. probably for a good reason. since its a trap

but the ones that breakout i never seem to catch them.
but then i go back and look at it and be like damn thats such an obvious triangle
but they seem to break out way before the end of the triangle


just looking for some advice on how to trade that pattern. im obviously missing something

for example OPTT few days ago had that nice breakout . i was watching it and charted the triangle, watched it every day like a hawk to break out. and i literally look away for one fn second and its running. and i was too late
 
I dont trade penny stocks but I saw the OPTT pop. It's been my experience that on day 3 after a catalyst if the stock hasn't completely tanked and is still showing strength... something is up. Somebody(s) really like the stock. You would probably be justified in placing a long bet on it,perhaps at the close on day 3.
 
Just using optt as an example of most recent
I would like to get some help on penny stocks since thats what i want to trade but im mostly asking about ascending triangle in general regardless of price
 
mute9003 said:
...

for example OPTT few days ago had that nice breakout . i was watching it and charted the triangle, watched it every day like a hawk to break out. and i literally look away for one fn second and its running. and i was too late
More...
Excuse my frustration, but what ascending triangle are you talking about? Point me out the ascending triangle. Also OPTT didn't just run up. It gapped up.

DAILY
upload_2024-7-11_13-21-30.png


15M
upload_2024-7-11_13-22-54.png
 
mute9003 said:
they are obviously very easy to see after the breakout happens
any tips on how to spot them before the breakout?

here is what usually happens when i try to trade them

1 scenario. i find it i chart it and i wait.and it doesnt break out

2 i completely miss it even if i look at that chart and sometimes even chart it.
wheni come back to it the breakout already happened. i always seem to miss that breakout point.

the false breakout one always seem to be a perfect ascending triangle very easy to spot. probably for a good reason. since its a trap

but the ones that breakout i never seem to catch them.
but then i go back and look at it and be like damn thats such an obvious triangle
but they seem to break out way before the end of the triangle


just looking for some advice on how to trade that pattern. im obviously missing something

for example OPTT few days ago had that nice breakout . i was watching it and charted the triangle, watched it every day like a hawk to break out. and i literally look away for one fn second and its running. and i was too late
More...

Everything is an ascending triangle. :)
 
mute9003 said:
this
More...
My bad. I was looking only at the RTH session.

Anyway, this is how you "should" play this (thanks largely in part to the hindsight benefit).

1) Solid line: breakout
2) Dotted line: retracement level (do you know how this was drawn?)
3) Arrow: entry

upload_2024-7-11_18-59-19.png
 
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