Chart Patterns in .NET

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Chart Patterns
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Descending triangle
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Symmetrical triangle
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Ascending triangle
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FIGURE 5.11
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Multiple triangles. (Source: FutureSource. Reprinted with permission.)
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Ascending triangles indicate an upward bias, with a flat top and a series of higher lows. Generally, the bottom slope of the triangle coincides with the trend or a trend to be. The example on the soybean chart (Figure 5.11), coming after an island gap and a gap higher, indicates a very strong upside reaction could occur, which, in fact, did happen. In this case, the market was too impatient to fill in the entire triangle with price action between the flat top resistance line and the upward sloping support line to complete the price action to form the apex of the triangle. Similarly, the descending triangle indicates a downward bias a flat bottom support off which prices bounce for a time and a series of lower highs that come together into an apex. It also flows with the direction of the trend or the trend to be. As a rule, triangles are used as continuation patterns and serve as a measuring guide for the extent of a move. The length of time it takes the triangle or congestion area to form is regarded as the distance a market will move once it breaks out of the triangle pattern. The more powerful breakouts seem to occur when the triangle does not entirely complete the coiling process to the apex or tip of the triangle the market appears to be
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CHART ANALYSIS: Volume, Open Interest, Price Patterns
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impatient to advance or continue the move, as with the ascending triangle on the soybean chart (Figure 5.11). If you buy the upside breakout of a symmetrical triangle in an uptrending market, then you should place a stop below the first low point that establishes the bottom support line. The reverse is true when you sell a downside breakout in a downtrend. Here is a cautionary note: Triangles, just like other techniques, are not a completely reliable trading pattern. They do have false breakouts, and traders need to be aware that the longer the triangle takes to form, the less power the breakout usually has behind it. Generally speaking, based on a daily chart time frame, triangles can take 6 to 10 trading days or up to 2 weeks to develop, occasionally even longer. They can develop on intraday charts such as 15-minute and even 60-minute charts, and they can show up on weekly charts. Monthly charts occasionally show triangles, but considering the length of time and rolling out of expired contracts in commodity markets, triangles are not so prevalent in my research. Due to the difference of seasonal price pressures on most commodities harvest supply pressures for agriculture products, for example pricing of deferred contracts makes triangles on monthly charts ineffective, in my opinion.
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Wedge Patterns
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Wedge patterns are simply longer extensions of the triangle. These patterns often form in the direction of the trend, meaning a rising wedge would form in an uptrend. The difference between a wedge and the triangle, in addition to taking longer to form, is that the market trades so that prices do not form a pattern anywhere close to the apex of the wedge. The Eurodollar chart shown as Figure 5.12 illustrates a long-term price wedge. The trend is up, and notice how the pattern forms with increasing lows above support and decreasing highs below resistance. The distance of the wedge opening added to the point of the breakout, which occurs in midApril, is the extension or measuring distance you can use to determine a price objective. This measurement is not an absolute rule of wedges as they can vary in length and size. If a chart pattern appears to be an elongated triangle but looks more like a flattened angle, then it is considered a wedge formation.
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