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LG

02/08/06 9:55 AM

#71877 RE: Newly2b #71863

Newly2b: Well, as always, my comments are..."In My Opinion", based on my work over the years.

The reason I often refer folks to Kevin Matra's site, is because his chart pattern examples for the most part reflect my own work. I particularly like his "line drawings" as oppose to just the actual chart patterns often found at other sites, as the line drawings provide clues as to how to and when to identify patterns as patterns.

You will notice for instance, that when a pattern such as a triangle, wedge, flag or rectangle forms in an up trend the first anchor point begins at resistance and in a down trend the first anchor point begins from support.

Note: I've noticed several sites that have cropped up in the last few years, have actually copied (literally) Kevin Matra's line drawings.

http://www.chartpatterns.com/wedges.htm

If there is no clear trend, I would be careful assigning the characteristics of a pattern to what may appear to be a pattern. It could have you betting the wrong way. After all, using patterns to anticipate trend direction (time frame dependent) continuations or reversals is why we use patterns. Wrongly identifying patterns can have one at times expecting the wrong outcome, betting the wrong way.

While I thank you for the kind words, assuming they were not said in jest, I do “not” consider myself an authority at anything. That being said, I do have strong opinions based on my work over the years and I do have a tendency to cyber vocalize them at times...gg

No offense intended to anyone…

LG