June 2006
Beginner
352 pages
7h 6m
English
book
Technical Analysis Plain and Simple: Charting the Markets in Your Language, Second Edition
by Michael N. Kahn
Content preview from Technical Analysis Plain and Simple: Charting the Markets in Your Language, Second EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Catapult
A catapult is a chart pattern showing a breakout, test, and strong resumption of the new trend. The market makes a tentative breakout only to fall back to the old pattern. However, it does not re-enter the pattern. The next move is a strong resumption of the new trend that began with the initial breakout. It is almost as if the market jumped onto a trampoline and is shot higher by the recoil.
The German DAX Index paused in late 1997 to correct a portion of its recent advance (see Figure 5). A declining trendline provided resistance during this period until the end of the year when it was finally broken to the upside. Note that the market ran higher initially but fell shortly thereafter. Technicians call this a “test” of the trend break. ...
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