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Beat the Street: A Trader's Guide to Consistently Scoring in the Markets by Adrian Manz

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Chapter 10. Kings and Queens

NOTHING LASTS FOREVER. The hottest stocks can suddenly drop precipitously on the most minor news. And even the worst stocks can turn around and climb higher when most of Wall Street has already prepared their eulogy. Kings and queens are daily reversal patterns that have the potential to generate good profits in the course of undoing recent price action. Although the greatest potential for this set-up is when it occurs as the last gasp in a pullback during an established trend, it also works well as a means of spotting and capitalising on the end of a move.

Charts are made up of large numbers of short waves that together form a longer-term trend. At the peak or valley of each of the short-term moves, we often ...

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