head and shoulder
#11
Posted 17 July 2004 - 05:21 PM
#12
Posted 18 July 2004 - 03:47 PM
#13
Posted 18 July 2004 - 08:46 PM
As for double bottoms (and tops) -- or "M"s and "W"s, I do feel they are some of the best.I've heard or read or both, that the DOUBLE BOTTOM is one of , if not the most, reliable of indicators. Anyone can confirm and elaborate on this?
To me the signal is ripe when price takes out the middle of the "W" or "M" and the exit is at the same point. Low risk trading at it's best...IMO, that is!
Carl Swenlin, founder of Decision Point and original Fearless Forecasters board.
#14
Posted 19 July 2004 - 08:31 AM
I'm going to move this to the IU Board in a couple of days to archive it.
Valuable reminders are, well, valuable!
Mark
Mark S Young
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#16
Posted 20 July 2004 - 12:14 AM
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
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#17
Posted 20 July 2004 - 05:39 AM
#18
Posted 20 July 2004 - 07:23 PM
#19
Posted 20 July 2004 - 10:08 PM
Take a look again Bliss - there is volume on the chart - and it's consistent to what a head and shoulders pattern should maintain to be traded as such.The key element is volume (which the last chart doesn't even show, and sentiment).
As far as sentiment is concerned, that's an interesting idea, though it's not technically needed as the price action, along with the proper volume considerations, does tend to take this into account in a round about way (and why volume is so important with this or any other structural price pattern).
And as far as too many people stirring the soup, that's always the one thing that every technician should consider for as more and more traders recongnize the same pattern over time, the less likely it will actually pan out because they're all waiting and trading the same technical structure which usually causes failure of the pattern...just like everything else in this business, especially Elliott.
Fib
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
Technical Watch Subscriptions
#20 Guest_Hawkeye_*
Posted 21 July 2004 - 08:43 AM