Chart Formations Message Board

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Strategies & Market Trends : Chart Formations

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To: Casaubon who wrote (825)	8/31/2005 10:40:20 PM
From: Casaubon	Read Replies (1) of 967

IMO, ENER put in a cup and handle pattern. stockcharts.com[h,a]daclyyay[dc][pb50!b200][vc60][iUb14!Li14,3]&pref=G The candle we had today may mark a short term top. It is a hanging man. This candle is in opposition to the strong chart pattern which is in play (cup and handle). It is my belief that patterns are stronger than individual candles. Over time, the market action implied by a pattern will have longer lasting effects over individual candlesticks. Having said that, the candle ENER put in today is like a yellow caution flag. Often times cup and handle patterns afford a second opportunity for a proper entry point. The first entry is on the way up through the pivot. Sometimes this pattern will retrace and offer a lower risk entry near the pivot.

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