AI
Wednesday, May 30, 2012 10:00:58 AM
Chart pattern recognition
The pattern is on your chart, just need to look at it.
The lower high and then breakdown of prior support at 1400 was the main Sell trigger. Simple to draw some lines, uptrend is prior resistance becomes support, downtrend is prior support becomes resistance, then look for the breakouts/breakdowns. You don't need to follow any specific chart setup, just look for the repeating patterns. Here is some fun reading on chart patterns if you have the time http://www.marketgems.com/educent.asp
If you are using only your CCI indicator it would have been in sync with the green top breakdown back below 100 the 1st of May.
The pattern is on your chart, just need to look at it.
The lower high and then breakdown of prior support at 1400 was the main Sell trigger. Simple to draw some lines, uptrend is prior resistance becomes support, downtrend is prior support becomes resistance, then look for the breakouts/breakdowns. You don't need to follow any specific chart setup, just look for the repeating patterns. Here is some fun reading on chart patterns if you have the time http://www.marketgems.com/educent.asp
If you are using only your CCI indicator it would have been in sync with the green top breakdown back below 100 the 1st of May.
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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