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I've just received the Metastock Add-in by John Murphy of TA of Futures Markets Fame.
There are two explorations which identify head and shoulders tops/bottoms, double/triple tops/bottoms and ascending/descending/symmetrical triangles.
The small booklet that accompanies the software is refreshingly honest about how difficult it is to define and identify patterns and there are three tables of results for 3 selected years (with varying market conditions) that give an average hit rate of around 50%.
This can be improved by the user by judicious selection of patterns.
For current market there is one signal.
SMWH - double top breakout
My first thoughts on the software are positive.
There are two explorations which identify head and shoulders tops/bottoms, double/triple tops/bottoms and ascending/descending/symmetrical triangles.
The small booklet that accompanies the software is refreshingly honest about how difficult it is to define and identify patterns and there are three tables of results for 3 selected years (with varying market conditions) that give an average hit rate of around 50%.
This can be improved by the user by judicious selection of patterns.
For current market there is one signal.
SMWH - double top breakout
My first thoughts on the software are positive.