July 2015
Intermediate to advanced
352 pages
9h 40m
English
book
A Technical Approach To Trend Analysis: Practical Trade Timing for Enhanced Profits
by Michael C. Thomsett
Content preview from A Technical Approach To Trend Analysis: Practical Trade Timing for Enhanced Profits
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Diamond Formations
In some reversals located at proximity to resistance or support, the rounding, double, or rectangle formations form a diamond shape. The resulting diamond formation is noticeable by its V-shaped neckline. An example is shown in Figure 5.11, with necklines marked with a broken line. The diamond tends to appear at or near reversals of primary trends, just as these do, both bottom and top diamond formations.
Figure 5.11 Diamond formation (Chart courtesy of StockCharts.com)
The diamond tends to take time to fully develop. The example includes a diamond bottom spanning five months and a diamond top over four months. In between ...
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