V. 20:2 (70-74): Identifying Patterns by Dennis D. Peterson

V. 20:2 (70-74): Identifying Patterns by Dennis D. Peterson
Item# \V20\C02\C33IDEN.PDF
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Identifying Patterns by Dennis D. Peterson

Identifying patterns can be helpful, even when youíre looking at charts.

What can you use to analyze price charts? There are many tools available, but some of the most popular, like moving averages, have their fair share of problems. What else can you use? Chart patterns. When you first start looking at price charts, the stock activity may look like the product of a random generator. Once you start to look for patterns, though, charts take on a new perspective.

TRIANGLES: ASCENDING AND DESCENDING Hereís a pattern thatís easy to visualize, and this particular example has almost all the classic elements of pattern reading. An ascending triangle (Figure 1) is easy to spot. It has a horizontal resistance line along the top and a support line that slopes upward. The chart displayed in Figure 1 is of the Nasdaq 100 tracking index (QQQ).

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