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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Rounding Top and Bottom
The rounding patterns act much like other technical patterns failing to move price in a specific direction. Chapter 5 describes rounding patterns as reversals; however, they may be only coincidental price patterns unless strongly confirmed. For example, Figure 6.4 includes an example of a rounding top. But the question remains: Can the downtrend be confirmed? In this case, after the third rounding top, price declines sharply.
Figure 6.4 Rounding top and confirmation (Chart courtesy of StockCharts.com)
At the moment of this decline, the apparent reversal can be questioned at the point that price falls below support. At ...
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