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Three Chart Patterns Every Trader Should Know
Chart Pattern recognition technology is used and implemented by some of the largest institutional investment banks and hedge funds on earth. why? because it works. If you're a retail trader and you don't employ or believe in stock chart patterns you will get pummeled on a daily basis by pro traders as they chip away at your life savings.
Stock chart patterns are a mere reflection of human emotion, more importantly the emotions of stock market investors. These repeating patterns of human emotion were evident right from the start going all the way back to when NYSE was first founded in 1792.
Over the last couple hundred years, these same chart patterns have been found to repeat themselves over and over again, let me show you a real life example:
In late October 2017 we noticed a potential complex head and shoulder topping pattern. What does this mean? Prices had been rallying on Priceline (PCLN) and investors were up significantly from just the last few months however during the August 8th session prices made an all time high only to gap down after their earnings report opening nearly $240 lower than the previous close. Traders who realized the all time highs price had bumped into a Fibonacci extension resistance felt vindicated having realized gains before earnings.
As prices fell the momentum traders jumped on board with dreams of cashing in on shorting PCLN with put options, prices did drift a bit lower and after a few sessions price hammered out an inverse head and shoulder pattern indicating a short term bottom, however many of these late to the party momentum traders or ("non-believers" of chart patterns) had no idea that Priceline had traced out a bottoming pattern and these momemtum traders soon saw their profitable PCLN short trade go red as losses began to accumulate they began to panic as these losses accrued and bought to cover only to have their buying (covering) complete the inverse head and shoulders pattern. Our software at Day Traders Group picked up on this bullish pattern and we alerted our traders of our long position (utilizing Call Options) with a minimum upside target based on basic principles of technical analysis. Interestingly, the measured move from the head and shoulders top also coincided with the short-term bottom, traders that had anticipated this stock chart pattern (such as traders in our group) were able to book handsome profits. Get our own stock & options trades in real time.
Another real life example happened again on the same stock as PCLN began to hammer out a bull-flag pattern based on a technical alert our software once more identified a potential stock chart pattern and as you can see on the far left members in our group booked a 100% gain on a less than 24 hours trade (11-9-17) using stock options while gold members went on to accrue another 255% in gains based on a projected move of the right side of an inverse head and shoulder pattern coming to fruition. (bull-flag or pennant formation)
Like with anything else technical events need confirmation.
Read more: Does every stock chart pattern work out?
