I'm a huge fan of trading Ascending Triangles.
What are they exactly?
Let's take a look at the Ascending Triangle Pattern I found posted on StockCharts.com...
Notice how on all six points it bounces perfectly off of the resistance overhead and the rising support below.
If you are a new trader these are some of the best setups to feast your eyes on, and ones that you can easily recognize on your own.
The essence of this pattern indicates increasing pressure from the bottom up on this stock, indicating an inevitable breakout.
Also, these patterns typically allow for ideal stop-losses, where I can usually set my stops 2-4% below the current price.
Let's take a look at a current trade that I took earlier this morning: TripAdvisor (TRIP):
Perfect Ascending Triangle, and I took a long position just before it broke out, in order to keep risk tight. My long entry was at 64.42 with a stop-loss at 62.38 - only 3% being risked overall on this trade. You can't beat that. Also, assuming it breaks out like it is trying to do today, I will raise my stop-loss with the 20-day moving average, which is a fantastic way to preserve the gains on the trade, as the moving average has provided solid support in the recent past.
Trading isn't easy, but it can be simple... Do that for yourself!