Stocks & Commodities V. 22:10 (89-90): Websites For Traders: Prophet Patterns In Prophet.net by David Penn

Stocks & Commodities V. 22:10 (89-90): Websites For Traders: Prophet Patterns In Prophet.net by David Penn

There is an irony in trying to introduce Prophet Patterns, which is one of the newer modules in Prophet.net — aka the “complete technical analysis suite in a browser” — developed by Prophet Financial Systems. That irony lies in the fact that it is difficult to talk about one component of this “suite” — such as Prophet Patterns — without talking about its relationship to other components in the suite.

That’s not to say that these components are dependent upon one another. While each component — JavaCharts, MarketMatrix, or Linked WatchLists — is impressive in and of itself, the greatest efficiency and usefulness with Prophet.net comes to the trader or analyst who is able to move seamlessly from component to component.

With that, consider yourself introduced to Prophet.net’s Prophet Patterns (Figure 1). Prophet Patterns helps traders spot 12 of the most commonly traded chart patterns in both daily and intraday time frames. Using a variety of proprietary algorithms, Prophet Patterns not only locates ascending and descending triangles, upward and downward channels, falling and rising wedges, head & shoulders tops and bottoms, triangles, rectangles, triple bottoms, and triple tops; the program also lets traders know the direction of the price movement, the anticipated advance or decline in the stock, and — vitally — the time frame during which this movement is expected to occur.