On of my favorite chart patterns to trade is a triple top. I don't mean a triple top near all time highs, although that works too. But any time I see the price bump against a ceiling three times I get set for a breakout through those recent highs.
I have been seeing a lot of trades lately. What a difference a moveup in the averages makes. That is another valuable trading rule: Don't buy when the averages are in a downtrend!
Anyway, here is a chart of Knightsbridge tankers. I suppose the price of crude going up means their business might pick up as well...
It is a gutcheck when you sell the trade and the stock just keeps going up! I remember buying Oregon Steel at $14, making a quick buck, and it didn't stop until $60....aaarrrghh!
alway limit your risk....gh
Limit your risk.