It is worth considering the following when detecting patterns:
Length: Generally, cups with longer and more "U" shaped bottoms provide a stronger signal. Avoid cups with a sharp "V" bottoms.
Depth: Ideally, the cup should not be overly deep. Avoid handles that are overly deep also, as handles should form in the top half of the cup pattern.
Volume: should decrease as prices decline and remain lower than average in the base of the bowl; it should then increase when the stock begins to make its move higher, back up to test the previous high.
A retest of previous resistance is not required to touch or come within several ticks of the old high; however, the further the top of the handle is away from the highs, the more significant the breakout needs to be.
A is a technical chart pattern that resembles a where the cup is in the shape of a "u" and the handle has a slight downward drift.
A is considered a signal extending an uptrend, and is used to spot opportunities to go long.
Technical traders using this indicator should place a stop buy order slightly above the upper trendline of the handle part of the pattern.
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