Quote from belavia:
Congratulations! Could have gone long around 11.75 on the triangle breakout from the 5 I showed you. Is there too much risk in that play? [/QUOTE
What is risk? Trading is a very risky business, so you have to control risk.
I think what you are asking is - what was the probability of trading a breakout of that triangle? I really don't know, as I have not backtested that pattern. Maybe Vol, Gary and anyone else has an opinion on this pattern. No pattern is bullet proof though. You have to always look at the bigger picture. What is the current short-term trend? Uptrend. Therefore, IMHO, any bullish pattern would offer better odds, than a bearish one. Though, of course, this can be argued about, as there are so many time frames that so many entities trade, that my argument might not have enough collateral on 1,2,3,5,10 min TF based trades.
, shall we break 1314 today? That would be exciting stuff!