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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Henry J Costanzo who wrote (137380)	10/11/2006 4:55:19 PM
From: Galirayo	Read Replies (2) \| Respond to of 209892

Thanks MC .. I was looking at a Triangle as well. I think you have to have a subscription to Stockcharts to see the extra time frame and indicators. But those IH&S Consolidations are real in my era. From Edwards & Magee New Rev .. and in the 6th Edition I'm looking at in hardcover. Head and Shoulders Consolidations (Chapter 11) Although H&S formations are usually reversals, occasionally a sort of inverted H&S picture can turn into a continuation of previous trend. No danger of confusion, because this consolidation forms in an inverted shape related the previous price trend. (An uptrend leading into an H&S bottom shape or a downtrend leading into an upright H&S). Also, volume drops off instead of increasing on left shoulder, head and right shoulder. Breakouts from the pattern, however, are similar to those of reversal patterns. Very confusing at point of head formation, but when entire pattern is constructed, implications much more evident. H&S consolidations rarely appear in the complex or multiple tops varieties. Implications: H&S reversal formula not reliable here. Unlike the amazingly accurate formula for H&S reversals (i.e. at first major move away from pattern at neckline, price can be expected to cover at least the same distance as measurement from top of head to neckline), H&S consolidation patterns tend to be quite flat and the breakout can extend well beyond the measurement or may not go as far. Technician must look at other indicators for guidance. ttrader.com I'm not going to try and Re-Label Them .. They Show with Periodicity !!