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Is it all mostly about chart patterns
Started:February 8th, 2013 (03:56 PM) by kwak76 Views / Replies:8,680 / 72
Last Reply:September 1st, 2014 (12:50 PM) Attachments:21

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Is it all mostly about chart patterns

Old August 26th, 2014, 02:29 PM   #71 (permalink)
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Is this a megaphone top?

Fun to think about.

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Old August 31st, 2014, 05:25 PM   #72 (permalink)
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Fun to think about.

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Wishful thinking! That is not a valid megaphone. July 7th to July 31st could be said to be a megaphone top, however... A badly formed one!

Megaphone tops have lowering average market momentum and increasing volatility. We have decreasing volatility and short term stable/accelerating momentum.

Chart patterns are pretty unreliable IMO. However, widely recognized chart patterns effect market sentiment and their effects upon peoples behavior should be noted. Eg, if a giant head and shoulders forms and it ends up on a CNBC segment or headlines... It can suppress demand a bit more than normal because everyone that follows chart patterns becomes spooked and is either shorting or scared to buy.

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Old September 1st, 2014, 12:50 PM   #73 (permalink)
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Chart patterns are fairly useless without knowing the structure of supply/demand within said pattern.

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