Rake is the angle between vertical and the head tube centerline.
Trail is the horizontal distance between the middle of the head tube and the axle. Drop a plumb line through both the head tube and the axle. The distance between where each plumb line touchs the ground is the trail.
Generally, a longer trail, and higher rake (as on a cruiser) aids in stability. A shorter trail, and smaller rake (think sport bike) is less stable and, therefore more maneuverable.
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