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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Flags
The most common of the continuation patterns is called a flag because it resembles a flag flying on a flagpole. When a market is trending higher, it is quite normal for it to slowly give back some of those gains as the bulls take some profits. Because traders do not all do this at the same time, the market displays a small counter trend lower as the selling proliferates. When this is over, the market generally breaks out in the direction of the original trend as the bulls re–take their long positions and new bulls enter the market at the new attractive price level.
JP Morgan Chase fell sharply in June and July 2002 as the bear market for stocks was heading into a major reversal bottom (see Figure 9.4). Even during this fast market trading, ...
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