V. 22:7 (110-111, 127): Charting The Market by David Penn

V. 22:7 (110-111, 127): Charting The Market by David Penn
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Charting The Market by David Penn

THE HAMMER AND THE HANGING MAN A bunch of us in the office were staring at a price chart on my monitor the other day. I mentioned that a particular technical pattern had looked promising, but in the end, it “didn’t work.” Somebody in the group laughed. “I love that about you technical guys,” he said. “When it doesn’t happen, you just say, ‘Well, it didn’t work.’”

Fair enough. As long as I continue to look at price charts through the lens of technical analysis, I’ll probably continue to find promising technical patterns. And I’m convinced that, on more than a few occasions, those promising technical patterns will continue to “not work” from time to time. Technicians have a habit of reminding themselves and others that technical analysis is about probabilities, about trying to always be the “smart money” by taking reasonable, controlled risks. It’s a good habit to have.

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