November 2012
Intermediate to advanced
352 pages
7h 45m
English
Content preview from Visual Guide to Chart Patterns
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Measuring Flags and Pennants
This chapter explains how the measure rule applies to flags and pennants, and how traders can use it to predict a trend change.
Traders knowledgeable about flags and pennants know them as half-staff patterns. That means they can appear midway in a price trend. Let me explain using Exhibit 21.1.
The position of pennant BC is about midway in trend AD. Since you know the length of the flagpole (AB), you can project the price where the trend could end. It does not always work, of course, but flags and pennants are handy when you need to determine a trend’s lifetime.
The Measure Rule
If BC is the midpoint in the price ...
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I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.