Using TA to time entries and exits

[Hoop]

Meridian broke out of its downtrend on Friday...it also broke out of its symmetrical triangle pattern, however it still has a bit of work to do to confirm that it has bottomed out...Friday's rise seems to be the result of a few buyers preempting Mondays Tiwai Point decision...

Is it a TA buy?....sort of... short term (more risk) yes.. medium term (lesser risk) not yet...MEL chart is yet to look good TA-wise...until one draws in it's pattern behaviour then sees that some magical stuff has been happening...

If anyone is writing a book about Triangle chart patterns and need a diagram then look no further than MEL's daily chart.
It's no secret that extended old triangle lines make good S&R lines, however there's little to no mention of them outside textbooks less alone seeing an example of one.
I've been drawing charts for many years, and Friday's MEL's chart blew me away..

Triangle patterns patterns form when large investors buy or sell at a predetermined price and dictate the market..such as when MEL started to turn down in price around March this year, there were some large buyers willing to mop up the "cheap" shares at $2.35 and when these buyers left the market MEL shares quickly fell out of its descending triangle pattern..
Symmetrical Triangle patterns see two equally opposing camps in play, the investors thinking its going to go up buying in at the dips and the other group who think its going to go down selling out when the share rises..

So where too from here?....It seems from the charted history that MEL price is dictated by Triangle extensions so the $2.28 and $2.35 would seemingly also be points of resistance and concerns for the chartist investor..If MEL can jump these hurdles then the share price should quickly increase....The chances that MEL can do this is better than 50/50 (Bulkowski) as it has already broken up out of the symmetrical triangle pattern which could be inside a possible still forming bullish ascending triangle pattern...

This lovely chart below is a rare well behaved beautiful beast...A chartists dream.