Diamond Chart Pattern Definition
A diamond chart formation is a rare chart pattern that looks similar to a pattern with a V-shaped neckline. Diamond chart reversals rarely happen at market bottoms, it most often occurs at major tops and with high-volume. Since diamonds are a variation of tops, you have to resist the desire to classify every top as a diamond formation. The reason you will want to avoid this is because the diamond will signal a break in trend much earlier than a pattern, which could result in a premature short position. To calculate the breakout potential for a diamond formation, you will want to take the distance between the highest and lowest point in the diamond formation and add it to the breakout point.
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