Confused: More Than One Chart Pattern For a Share?

mrfixituk

Junior member
41 0
I am watching caml.ls and it has these two patterns:

Head and Shoulders Top 24 Jan 2013

Continuation Wedge (Bullish) 27 Feb 2013

What should you do when there is more than one chart pattern on a share? Which one is more vaild? What is the general rule when the chart pattern reaches the price projection for it? Wait for the next bullish candlestick confirmation?

Thanks
 
M

member275544

0 0
I am watching caml.ls and it has these two patterns:

Head and Shoulders Top 24 Jan 2013

Continuation Wedge (Bullish) 27 Feb 2013

What should you do when there is more than one chart pattern on a share? Which one is more vaild? What is the general rule when the chart pattern reaches the price projection for it? Wait for the next bullish candlestick confirmation?

Thanks

go with the trend
 

pboyles

Legendary member
8,072 1,302
I am watching caml.ls and it has these two patterns:

Head and Shoulders Top 24 Jan 2013

Continuation Wedge (Bullish) 27 Feb 2013

What should you do when there is more than one chart pattern on a share? Which one is more vaild? What is the general rule when the chart pattern reaches the price projection for it? Wait for the next bullish candlestick confirmation?

Thanks

For every indicator that says buy you'll be able to find one that says sell.
 

wino59

Active member
126 12
I am watching caml.ls and it has these two patterns:

Head and Shoulders Top 24 Jan 2013

Continuation Wedge (Bullish) 27 Feb 2013

What should you do when there is more than one chart pattern on a share? Which one is more vaild? What is the general rule when the chart pattern reaches the price projection for it? Wait for the next bullish candlestick confirmation?

Thanks

I did not look at the chart so bear with me (pun intended) Either pattern will have a break out of one of the trendlines, so on head and shoulders, you would wait for a break below the neckline, which would give you confirmation....

I would suspect you are still waiting for a trendline to break, if it has broken one already then go that direction, make sense...

Also determine if one is a long term pattern vs short term pattern.

After re-reading your post, is it possible to have a continuation wedge in a head and shoulders pattern?

Can you post a chart with your trendlines drawn, so we can see what you are looking at?
 

FringFX

Active member
244 6
what is caml.ls?

You should not rely entirely on chart patterns since they don't always work. it would serve you well if you use them along with overall chart context as doing so would give you a much better perspective.
 
 
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