trend. This simply means that if the price trenangle, it is still moving downward after leav
536
Triangles, DescendingTable 39.2General Statistics for Descending Triangles
Description
Statistic
Number of formations in 500 stocksfrom 1991 to 1996
689
Reversal or consolidation
267 reversals, 422 consolidations
Failure rate
309 or 45%
Failure rate if waited for downsidebreakout
27 or 4%
Average decline of successful formations
19%
Average rise of failed formations
42%
Most likely decline
10% to 20%
Of those succeeding, number meeting orexceeding price target (measure rule)
256 or 67%
Start to breakout
2 months (61 days)
Start to apex
3 months (87 days)
Note: Only about half the descending triangles work as expected and two-thirds of thosereach their predicted price targets.
In theory, descending triangles are wonderful formations because the toptrendline predicts the breakout direction: downward. However, only 55% ofthe descending triangles work in this fashion. That is a little better than a cointoss and certainly not good enough on which to base a trade. However, if youwait for the breakout to occur, your chances of success rise to 96%. Unfortunately, the downside move is not terribly exciting at 19%, just a little behindother bearish formations that typically show a decline of 20%. To derive themost likely decline, I did a frequency distribution by sorting the percentagedecline for each formation and grouping the values into 10 bins. Figure 39.5makes it clear where most of the declines occur: the 10% to 20% range. Thatis what I call the most likely decline.Descending triangles with upside breakouts do quite well, soaring 42%above the breakout price. The numbers suggest that you should trade with thetrend. If prices break out upward, go long. If your triangle has a downsidebreakout, then short the stock.For those stocks with descending triangles performing as expected, 67%meet or exceed their price targets. That is to say they decline below the predicted price. I consider values above 80% to be reliable, so descending trianglesfall short.On average, it takes about 2 months (61 days) before the triangles have abreakout. The overall formation length from start to the triangle apex wherethe two trendlines meet is 87 days.Table 39.3 shows the statistics for premature breakouts. Only 22% of theformations have premature breakouts in either direction. A premature break-
25
30
Percentage
Figure 39.5 Frequency distribution of declinesdescending triangle. There are relatively few lardecline. The most likely decline is in the 10% to
Table 39.3Premature Breakout Statistics forDescriptionNumber of premature breakouts (up or down)Number of premature upside breakoutsNumber of premature downside breakouts
Volume at upside premature breakout versus 25-daymoving average
Volume at downside premature breakout versus 25-dmoving average
Number of upside and downside premature breakouPremature breakout up, genuine breakout upPremature breakout up, genuine breakout downPremature breakout down, genuine breakout upPremature breakout down, genuine breakout downUpside premature breakout distance to apexDownside premature breakout distance to apex
Note: Premature breakouts are indistinguishable fromto the direction of the final breakout.
538
Triangles, Descending
out is when prices close outside the formation boundary but quickly returnwithin a few days (they should not venture very far, either). A genuine breakout soars outside the formation and usually continues in the breakout direction. A premature breakout is just a few days long, whereas a throwback orpullback often takes over a week before prices near the trendline again.Upside premature breakouts are exceedingly rare, occurring only 6% ofthe time on above average volume. Downside premature breakouts are morelikely at 20%, and display volume that is 43% above the average (or 143% of
Table 39.4
Breakout Statistics for DescDescriptionUpside breakout distance to apexDownside breakout distance to apexDownside breakout but failureUpside breakout but success
the total).Of the formations having premature breakouts, only 16% have bothupside and downside premature breakouts. The next four lines in the table try
Upside breakout
to determine if there is a relationship between premature breakouts and thedirection of the final breakout. About half the formations (53%) with premature downside breakouts later break out upward. The other variations have
Throwback
substantially fewer hits. The table does not show the few remaining premature
Average time to pullback completion
breakouts associated with horizontal breakouts.
For successful formations, days to ultimate low
The last two table entries try to determine if there is a way to eliminatepremature breakouts by knowing that they break out sooner than genuinebreakouts. The answer is no. Although premature downside breakouts occur,
Percentage of breakouts occurring near 12-monthcenter (C), or high (H)
on average, about 64% of the way to the apex, it is close enough to the 69%genuine breakout distance that you will not be able to tell the difference. Sincethe volume pattern is also the same for premature and genuine breakouts, thereis no way to differentiate a premature breakout from a genuine one.Where do the most powerful breakouts occur? I graphed the distance tothe apex versus the percentage decline but the graph shows a random relationship. However, some analysts have suggested that the most powerful breakoutsoccur about two-thirds of the way to the triangle apex.
Downside breakoutHorizontal breakoutPullbackAverage time to throwback completion
Percentage loss for each 12-month lookback period
Note: Prices continue moving in the direction of ththe breakout direction.
Both throwbacks and pullbacks comple
breakout. I arrive at this value by removinoccurs more than 30 days after the breakouta month are due to normal price action, not
On average, it takes slightly over 2 mon
Table 39.4 shows the statistics for genuine breakouts. Upside breakouts
low after a downside breakout. A frequenc
occur at nearly the same location as downside breakouts: 70% and 69%,respectively. Only 4% of the formations have downside breakouts that fail to
that the majority (72%) reach the ultimate loformations as having short-term investmentWhere in the yearly price range dobreakouts happen when prices are within aother two-thirds are close. Mapping perform
continue falling, and a similar number of formations that break out upsidecontinue down. To put this another way, prices continue moving in the direction of the genuine breakout. If the breakout is down, for example, prices continue dropping.Upside breakouts occur 41% of the time, downside breakouts 54% of thetime, and the remainder are horizontal—prices run flat and pierce the apex.
Since descending triangles are supposed to descend, these statistics are alarming. The 54% downside breakout value is little better than the flip of a coin andwarns you not to anticipate the breakout direction.For formations with upside breakouts, throwbacks occur 39% of the time.
Fullbacks from downside breakouts do much better, having a 64% rate. Thepullback rate is a little too low to depend on it while trading; in other words,do not depend on a pullback before shorting the stock.
shows that the best performing triangles ha
scoring declines of 21 %. The other two rang
suggests that stocks having trouble (they aredo poorly. In other words, do not short a stoc
at those making new lows.The last statistics table (Table 39.5) codownward for most descending triangles (72the linear regression line from the triangle sI compared the breakout volume with a 25-dThe table lists the results. The heaviest volum
540
Triangles, Descending
Table 39.6
Table 39.5
Trading Tactics for Desce
Volume Statistics for Descending TrianglesStatistic
Trading Tactic
Explanation
Measure rule
Calculate the hevalue of the lowformation start.the lower trendiidecline. Alternatsloping trendlineformation. The vthe formation be
Always wait for confirmation
Since this formatas downward, aAfter a downsideafter prices pull bmoving down agis to wait for an umost likely rise is42%—high eno
Sell on downside breakout
Lastly, I determined that there is no significant relationship between highvolume downside breakouts and large price moves. To check this, I separateddownside breakouts with high volume and their corresponding price moves
If you are a shothe stock sufferthat prices will clong-term holderadding to your prule target. Useultimate low.
Cover on measure rule
For short-term trprices near the ta
from their low volume counterparts. The average decline for high volumebreakouts is 18% and for low volume breakouts, 17%. So, do not get too
Note: Sell short on the pullback to the triangle baseprice. Alternatively, consider buying the stock after
DescriptionNumber showing downward volume trend
494 or 72%
Volume for breakout day and next 5 days comparedwith 25-day moving average
158%, 168%, 136%,136%, 135%, 123%'
Percentage of high volume breakouts subject topullbacks versus low volume breakouts
56% versus
Performance of high volume downside breakoutsversus low volume downside breakouts
18% versus 17%
Note: The trend of volume is downward until the breakout day when it spikes upward.
suggesting that end-of-day traders notice the breakout then jump on the trend
the following day. Volume remains heavy throughout the next week.Do pullbacks occur after low volume breakouts? No. I used 50% aboveand below the 25-day volume moving average as the benchmark for high andlow volume, respectively. Then, I sorted the pullbacks according to the breakout volume. Most pullbacks (56%), occur after a high volume breakout, not a
low volume one.
excited if you have a high volume downside breakout; it does not mean that
your stock will fall any further than a low volume breakout.rule suggests the minimum price move, the
Trading Tactics
case, the stock reached a low of 4.69 in mof 3 6%.An alternative approach that eliminate
Table 39.6 shows trading tactics for descending triangles and it begins with themeasure rule. As you would expect, the measure rule tries to predict the valueto which prices decline after a downside breakout. Compute the height of theformation by subtracting the price of the lower trendline from the upper one
a line parallel to the down-sloping trendline
at the formation start. Then, subtract the height from the value of the lower
rate is so high. If you do not wait for a dowstock, prices could quickly rise away from yo
horizontal trendline. The result is the target price.
the formation. The value of the line where
becomes the target price.Waiting for a downside breakout to oc
Compute the height of the triangle shown in Figure 39.6 by taking the
shorting a stock is not for the faint of heart
difference between the two trendlines (marked by the black dots). The value isl7/s (that is, 9'/4 - 73/8). Subtract the height from the value of the horizontaltrendline, or 73/8 - l7/8, giving a predicted price decline to 5'/2. Prices reach thetarget the day after the breakout, a 25% decline in 2 days. Since the measure
miss the initial breakout, you can always shalso a good time to add to your short positionbefore shorting. Cover your position when puntil the picture changes (either fundament
542
Triangles, Descending
Sample TradeJacob is a novice investor. He has an MBA
try, which has acclimated him to risk. Stil
choice. The stock shown in Figure 39.7 inSeptember, a few days before the breakout, athrough the qualifiers. The volume trend looyou would expect until a few weeks before ththe normal pattern. The number of touches frminor highs and lows were distinct. We bodescending triangle in the making.
Jacob told me he was nervous about sharound and climb away from him. I suggest
the triangle would limit his risk and get himStill, he was uncomfortable shorting and re
Figure 39.6 Measure rule applied to descending triangles. There are two ways topredict the minimum decline. Take the difference between the two trendlines atthe formation start (denoted by the black dots) and subtract the result from thevalue of the lower trendline, or draw a line parallel to the down-sloping trendlinebeginning at the lower left corner. The value of the line when prices break out ofthe formation becomes the target price. Both methods show a target price of S1-^.
lower price, so I suggested buying the stockHe computed the height of the triangledownside move would take the stock to \2l/2day, he saw it break out downward and b
Since a downside breakout can take prices down rapidly, the pullbacktypically allows you to enter the trade at a higher price than if you bought theday after a downside breakout. If the stock fails to pull back, look elsewhere foranother opportunity. Do not chase the stock down in price should a pullbacknot occur. If the stock declines and you still decide to short the position, thenyou are probably entering near the low and setting yourself up for a disappointment.
If you are long the stock and are an intermediate- or long-term holder, donot worry about descending triangles. I used to get concerned about themwhen I saw them forming in a stock I owned. But since, on average, they onlydecline 19% in 2 months, that is just not enough to worry about or take action
on. Of course, if you do not want to suffer through such a decline (which couldgo much lower), consider selling the stock on the downside breakout and buy-
ing it back after it fulfills the measure rule. Remember, the measure rule suggests a minimum price move and yet prices meet the target only two-thirds ofthe time. In other words, if you sell the stock, it might not decline as far as youexpect.
May 92
Jun
Figure 39.7 A descending triangle followed bopening a short position, Jacob bought into thgle fulfilled the measure rule. He raised his stopally stopped out at 23 for a $2,000 profit. A mhim gauge the rise.
544
Triangles, Descending
'
40
reached the target price and recovered a bit, he suspected the stock was near itslow. At least, that is what he hoped.On October 19, 1992, Jacob bought 200 shares of the stock at the close of12'/2, exactly the target price he predicted earlier. He placed a stop-loss order
i^
at 11 '/s, slightly below the prior December's low of 11 }A, a support level. Then,
he looked at the possible reward and believed the stock would rise to its oldhigh of 17. He sat back and waited.
TrianglSymmetrical
It didn't take long for the stock to bottom out and start its climb. In midNovember when it turned down for 2 days, Jacob hoped this was the beginning
of a measured move up. He calculated the difference from the low near wherehe bought the stock to the most recent high and came up with a value of 25/s.He added this to the current closing price and computed a new target price of171/:. This was quite close to his original price target of 17.Over the next few days, the stock started moving up again. By early
December it had hit his new price target and the measured move was complete.Jacob decided to raise his stop-loss point to 16, the top of a support layer. If thestock sold at 16, he would have a gain of 28%, a respectable return. The results
pleased him so far, but he worried that prices would hit his stop as the stockconsolidated.Just after the new year the stock started climbing again and he held on forthe ride. He kept raising his stop until he was taken out at 23, to which the
stock declined in mid-February 1993. After expenses, this trade made himnearly $2,000, substantially more than his initial estimate.
RESULTS SNAPSHOT
Downside BreakoutsAppearance
Prices trend dowlows following twintersect. The bre
Reversal or consolidation
Short-term (up to
Failure rate
2%
Average decline
19%, with most l
Volume trend
Downward
Premature breakout
16%
Fullbacks
57%
Percentage meetingpredicted price target
57%
Surprising findings
Triangles with hilosses. Fullbacksvolume breakout
Synonym
Coils
See also
Diamond Tops aBottoms; SharkDescending; Tria
546
Appearance
Prices trend down then form lower highs and higherlows following two sloping trendlines that eventuallyintersect. The breakout is upward.
Reversal or consolidation
Short-term (up to 3 months) bullish reversal
Failure rate
3%
Average rise
41%, with most likely rise being 20%
Volume trend
Downward
Premature breakout
16%
Throwbacks
43%
Percentage meetingpredicted price targetSurprising findings
Synonym
547
Tour
Upside Breakouts
See also
Identification Guidelines
Triangles, Symmetrical Bottoms
Figure 40.1 shows a good example of a symmetrical triangle. It appears in thefall of 1995 when many of the semiconductor and semiconductor capital equipment stocks were being electrocuted. The chart pattern occurs in a downtrendwith prices falling from a high of 94% to a low of 24% by mid-1996.The triangle has two trendlines bounding prices on the top and bottom.The minor highs and minor lows narrow over time, forming the distinctive triangular shape. The volume trend also recedes until the breakout nears and burstsupward on the breakout day. Prices bounce from one side of the chart pattern tothe other, filling the triangle with a sturdy, solid mass of price movements.
79%
Identification Guidelines
Triangles with high volume breakouts show largergains. Throwbacks are more likely to occur after ahigh volume breakout.
Surprisingly, symmetrical triangles are one of the more tricky formations toidentify. Table 40.1 outlines the selection guidelines for them. For symmetri-
Coils
cal triangle bottoms, prices trend down to the formation. Symmetrical triangle
Diamond Tops and Bottoms; Head-and-ShouldersBottoms; Shark-32; Triangles, Ascending; Triangles,Descending; Triangles, Symmetrical Tops
tops, on the other hand, have prices leading up to the formation. Even though
a bottom may appear near the yearly high, I classify it as a bottom if pricesdecline into the formation. Figure 40.2 shows another example of a symmetri-
cal triangle bottom.I separated symmetrical triangles into two types: those with prices trending upto the formation and those with prices trending down. The way you invest ineach type may vary, so I wanted to collect the most beneficial statistics forinvestors. This chapter deals with symmetrical triangle bottoms, where pricestrend down to the formation.
The failure rates at 2% and 3% are surprisingly small. Once a breakoutoccurs, prices tend to keep going and do not suffer from a 5% failure (that is,a quick reversal). The average move after a breakout is about what you wouldexpect for bullish and bearish formations. Downside breakouts show lossesaveraging 19%, whereas upside ones gain 41%.Symmetrical triangle bottoms with upside breakouts hit their price targetsmore often (79%), continuing a trend that we have seen in other formations:Bullish patterns perform better than bearish ones. For downside breakouts,prices meet or exceed the measure rule prediction 57% of the time. The measure rule predictions are shy of the 80% minimum for reliable formations.One surprising finding, and it may not be a surprise at all, is that breakoutson high volume perform better than those on low volume. However, the differences are not statistically significant, meaning that they may be due to chance.Throwbacks and pullbacks are more likely to follow high volume breakouts than low volume ones. However, the sample size is small so do not attachtoo much significance to the result.
Table 40.1Identification Characteristics of Symmetrical Triangle BottomsCharacteristic
Discussion
Downward trend
For bottoms, prices trend down to the formation but can breakout either up or down.
Shape
Prices follow two sloping trendlines, the top one sloping downand the bottom one trending up so that they intersect at thetriangle apex, sometime in the future. The trendlines need notbe the same length.
Touches
There should be at least two minor highs and two minor lowstouching the trendlines (in other words, at least four trendreversals).
Volume
Usually recedes throughout the formation, but can be spiky,and is often very low just before the breakout.
Premature breakout
Has at least one close outside the triangle but prices soon returnwithin the triangle borders.
Breakout direction
Unknown ahead of time. You must wait for the breakout beforeinvesting. A breakout has prices moving away from the triangle,not quickly returning as in a premature breakout.
Duration
Typically longer than 3 weeks, at a minimum. Formations 3weeks or less better classify as pennants.
548
Triangles, Symmetrical Bottoms
Identification Guidelines
Micron Technology (Semiconductor, NYSE, MU)
Sep95
Figure 40.1 A symmetrical triangle bottom in a downtrend. Prices enter from thetop and leave following the same trend.
Figure 40.2 shows a large symmetrical triangle with a downside breakout,pullback to the lower triangle trendline, and prices that fall away from there.Two sloping trendhnes bound the price action; the top trendline slopes downand the bottom one slopes up. Neither trendline is horizontal or nearly so; they
549
because triangles with horizontal trendlines classify as either ascending ordescending triangles. The trendlines join at the triangle apex on the right, distinguishing the formation from the family of broadening formations.The term symmetrical applies to the shape of the formation. Often, theangles of the two trendlines with the horizontal are quite close to one another,making it look symmetrical about the horizontal axis. However, this is not aprerequisite, only an anomaly.There are three minor highs and three minor lows shown in Figure 40.2,as marked by the numbers. The terms, minor high and minor low mean thatprices form a small peak or trough that is distinguishable from the surroundingprice action. Prices drop away from either side of the minor high, for example.I cannot stress how important it is to have at least two minor highs andtwo minor lows in the formation. Many times a rounding bottom may temptyou to create a symmetrical triangle out of it. The price action seems to narrow over time but there is really only one minor high. Figure 40.3 is a goodexample. The pseudotriangle forms beginning with the minor high at point Aand drops rapidly to the minor low at point B. Then prices meander up alongthe lower trendline before crossing to point C. There are not enough pricecrossings of the triangle to suggest a reliable formation. Although prices touchboth trendlines several times, there is too much white space filling the centerof the formation. The difference between this figure and the prior one isclear.
Tesoro Petroleum (Petroleum (Integrated), NYSE, TSO)
both have a decent measure of slope to them. This is an important distinctionOHM Corp (Environmental, NYSE, OHM)
_ 7
Apr 94
May 95
May
Figure 40.2 A large symmetrical triangle with a downside breakout and pullback.
Figure 40.3 An invalid symmetrical triangle bottom. There are not enough pricecrossings to fill the triangle, leaving white space predominating.
550
Triangles, Symmetrical Bottoms
The volume trend is predominantly downward but irregular in appearance.I would not eliminate a symmetrical triangle just because the volume trend isabnormal. Many times perfectly valid triangles appear on unusual volume.Once you think you have correctly identified a symmetrical triangle bottom, think again. Look to the left of the formation and search for anothersmaller minor low. This might be the left shoulder of a head-and-shouldersbottom formation. At other times, you will be cutting off the right half of a diamond bottom. Since symmetrical triangles usually form part of those formations, it may pay to take a broader view. If you discover a head-and-shoulders,diamond, or other formation that uses a symmetrical triangle, ignore the triangle and focus on the investment implications of the other formation. Doingso will help you determine the breakout direction and ultimate price move.
Focus on FailuresFigure 40.4 shows what a failure looks like in a symmetrical triangle (the lefttriangle). I call this type of failure a 5% failure because prices fail to continuemoving in the breakout direction by more than 5% before reversing. The figure shows a well-formed symmetrical triangle during February and March withtwo minor highs and three minor lows, all of them touching (or coming closeto) their respective trendlines. The two trendlines intersect and the formationZurn Industries (Building Materials, NYSE, ZRN)
stands alone. By that, I mean it is not part oleft peak in conjunction with the first minothe beginning of a double top (or, if you inJanuary, it might be a triple top). Since pricebetween the two peaks before reaching a hiconfirm and is not a double (or triple) top.However, the higher high forming asgle apex (late March) could extend the doubtumble below the low formed between thefirmed and prices head downward, pulling baformation low before continuing down. Therical triangle, as shown in Figure 40.4.The big picture explains why the triancall this a nested triple top or a multiple topphrase is a big clue. If it is a triple or multidown. The triangle breaking out upward insis suspicious. Before you invest, make sure ythe weekly chart and see if a different situatthe daily chart. Defer to the weekly chart if y
Statistics
Statistics for symmetrical triangles are manyfirst batch. As mentioned earlier, I separatedwith prices trending down to the formationThis chapter deals with symmetrical triandownward, leading to the formation.
Triple Top
Table 40.2
General Statistics for SymmetriDouble and TripleTop Confirmation Line
Description
UpsBre
Number of formations in 500 stocks from
|an92
Mar
Apr
May
Jun
Figure 40.4 Two symmetrical triangles. The one on the left has an upside breakout that fails to rise by more than 5%. The formation is a 5% failure. The triangleis part of a double or triple top.
1991 to 1996
63
Reversal or consolidation
63
Failure rate
2o
Average rise/decline of successful formations
41%
Most likely rise/decline
20%
Of those succeeding, number meetingor exceeding price target (measure rule)
48
Average formation length
2m
Breakout as percentage of distance to apex
79%
552
Triangles, Symmetrical Bottoms
Statistics
553
Bottoms have two breakout directions, up and down, and each tableshows statistics related to each direction. There are slightly more triangleswith downside breakouts (83) than upside ones (63). Since the entry directionis downward, triangles with upside breakouts are reversals of the trend and
those widi downside breakouts are consolidations. For both types, die failurerates are similar, 3 % and 2%, which is very low considering I view failure ratesabove 20% to be excessive.
When these formations work, their performance is about what one wouldexpect: 41% for bullish breakouts and 19% for the bearish variety. The mostlikely gain or loss is more modest at 20% to 10% for upside and downsidebreakouts, respectively. I tabulate the most likely gain or loss using a frequency
distribution of gains and losses, as shown in Figures 40.5 and 40.6.Figure 40.5 shows that the tallest column, 10%, has the highest fre-
quency. Almost half the formations (42%) have declines of 15% or less, soinvest carefully in symmetrical triangles showing downside breakouts. Thenumbers suggest die downturn will be momentary and you should expect continued gains. Of course, die stock, the industry, and the general market willdictate your results.
Figure 40.6 shows the tallest column at 20%, followed closely by die 40%column. The irregular appearance is due to die small sample size but generallyfollows die pattern for other chart types. It is interesting that three-fourdis ofthe formations with upside breakouts have gains over 20%. That explains whythe average, at 41%, is well above the most likely rise. I suspect that the most
>90Percentage Cain
Figure 40.6 Frequency distribution of gains for symmetrical triangles with upsidebreakouts. The graph suggests the most likely gain is about 20%. The irregularappearance of the series is due to the small sample size.
likely rise figure understates the performance and tiiat actual trading resultsshould be better.The measure rule predicts die move from a triangle after a breakout. Itcan be measured in two ways, but for statistics, I chose to use the formationheight added to die formation high or subtracted from the low to derive a target price. This is explained in more detail in the Trading Tactics section of diischapter, but 79% of the symmetrical triangles widi upside breakouts meet orexceed dieir targets, whereas 57% with downside breakouts hit tiieirs. I consider values above 80% to be reliable so symmetrical triangle bottoms comeup short.The average formation length at about 2 months is nearly die same forboth types.I have been watching symmetrical triangles form in stocks I follow foryears now and I was under the impression that they act like their ascending anddescending triangle brothers when it comes to the breakout point. Symmetrical
triangles break out much later, on average, than I expected. Figure 40.7 shows
25
30
35
Percentage Loss
Figure 40.5 Frequency distribution of losses for symmetrical triangles with downside breakouts. The most likely loss is the tallest column, 10%.
a frequency distribution of symmetricals with the two types of breakouts.On average, the breakout point is similar, about three-fourdis of the wayto the triangle apex (where the two sloping trendlines meet). As I look at diefigure, the surprising thing is how few breakouts are near the two-thirds mark.Only 15 % of the triangles with downside breakouts pierce the trendline by thatpoint, whereas a scant 5 % of triangles with upside breakouts step up to the
554
Triangles, Symmetrical Bottoms
Statistics
555
Table 40.3Premature Breakout Statistics for Symmetrical Triangle BottomsDescription
UpsideBreakout
Number of premature breakouts (up or down)
1 0 or 1 6%
1 3 or 1 6%
Number of premature upside breakouts
0
8 or 1 0%
Volume at upside premature breakout
0
Downside
Breakout
Number of premature downside breakouts
1 0 or 1 6%
79% of 25-daymoving average7 or 8%
Volume at downside premature breakout
1 23% of 25-daymoving average
moving average
premature breakouts
0
