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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Island Cluster
A final oddity involving gaps in price patterns is the island cluster (also called island reversal or archipelago). This is a brief set of consecutive sessions with strong gaps on either side. It is similar to candlestick patterns such as the abandoned baby, morning star, evening star, and doji star. In all of these signals, a single session is separated from the sessions before and after by a gap. However, although all of these signals involve an island of one session, the island cluster contains several, often with a compressed trading range.
For example, Figure 10.11 reveals a visible island cluster in July, 2014. It jumps above prior resistance but quickly returns to the established trading range.
Figure 10.11 Island cluster ...
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