TA help request

I see triangles on the indices, SPX, Dow and NASquack. I thought the triangle is a continuation pattern? everywhere I read it says this, so we should be looking for a better than even chace of a breakdown? Such a breakdown should see another leg down 1000 points on the dow. As for me. I went long last week, closed small loss. I am currntly FLAT. Nada positions. I wanted to go long because I am forming the view the market is fundamentally cheap, based on valuations.

Depends on how you see the tri....
http://stockcharts.com/c-sc/sc?s=$NYAD&p=D&yr=0&mn=11&dy=3&i=p09345666786&a=113409410&r=2574.png

I see triangles on the indices, SPX, Dow and NASquack.

I thought the triangle is a continuation pattern? everywhere I read it says this, so we should be looking for a better than even chace of a breakdown?

Such a breakdown should see another leg down 1000 points on the dow.

As for me. I went long last week, closed small loss. I am currntly FLAT. Nada positions.

I wanted to go long because I am forming the view the market is fundamentally cheap, based on valuations.

i wonder what happens when ever site i read is 'gaming' the triangle ? lots of people are seeing it. when lots of people are gunning the same pattern watch out for the unexpected.

when lots of people are gunning the same pattern watch out for the unexpected.

But what do you do when people began expecting the unexpected? I take my meds.

Seriously, I wonder how many shorts were stopped out Friday?
You need lots of shorts for support.

Edited by Rogerdodger, 24 February 2008 - 11:36 AM.

.......everywhere I read it says this, ....

What eveyone knows and expects to happen, NEVER happens

GD

Since there have been charts there have been patterns. These patterns have always been available to the players. Nevertheless, they have continued to be predictive, with measurable chances of success. (see Bulkowski's work, for instance) Just because those patterns are now on the internet (the new bastion of dumb money), they are to be faded?

That may include Neely and Prechter

They both agree on a decline

.......everywhere I read it says this, ....

What eveyone knows and expects to happen, NEVER happens

GD

Since there have been charts there have been patterns.
These patterns have always been available to the players.
Nevertheless, they have continued to be predictive, with measurable chances of success. (see Bulkowski's work, for instance)
Just because those patterns are now on the internet (the new bastion of dumb money), they are to be faded?

No, I don't mean to have it taken that far. In fact, triangles are something I look to trade.  It's just everyone expects a decline now (J6P) so I expect it to resolve up. I think Ewave supports that too. I'll grant you the fat lady has yet to sing here, but I think we creep up to the top line, then gap over before the weeks is out. Really bad data could change that, but slightly bad data will be ignored. 

GD