Triple Bottom Pattern

Chart patterns work the same on an intraday basis as they do on a daily chart. Today I was watching GRMN, which had been weak all day and was nearing the lows of the day. I actually was waiting for a breakdown to short sell the stock, but once the lows held, I noticed a familiar pattern – the triple bottom pattern. Immediately I bought the stock and set my stop loss for the low of the day. Momentum began to build as the shorts started to get squeezed, and I had quite a nice winner on my screen. While I didn’t catch the entire move up, I did catch a big piece of the move and it was great for my P&L.

Triple bottom patterns aren’t just found on daily charts - they can also be found and traded on an intraday basis.

Be sure to apply well-known chart patterns to your day trading as well as your swing trading. Being a flexible trader with a willingness to change directions when your original thesis is proven wrong can pay off very nicely!