SPY is a chart I always keep an eye on and this pattern has started to form on the daily and, when formed, can be a very powerful pattern to trade and help find good risk reward opportunities. As soon as I saw this chart in my review this eve, I knew I had to get a video out to the community!
xeenos trading - sending positive energy to all those watching
Hi Bargains. Here is the definition of chart pattern from investopedia. It may help you understand what a pattern is:
KEY TAKEAWAYS Patterns are the distinctive formations created by the movements of security prices on a chart and are the foundation of technical analysis. A pattern is identified by a line that connects common price points, such as closing prices or highs or lows, during a specific period of time. Technical analysts and chartists seek to identify patterns as a way to anticipate the future direction of a security’s price. These patterns can be as simple as trendlines and as complex as double head-and-shoulders formations.
Bargains730
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so, where is this pattern? you showed us 1 place where you see something, but pattern means more than 1 right?
KEY TAKEAWAYS
Patterns are the distinctive formations created by the movements of security prices on a chart and are the foundation of technical analysis.
A pattern is identified by a line that connects common price points, such as closing prices or highs or lows, during a specific period of time.
Technical analysts and chartists seek to identify patterns as a way to anticipate the future direction of a security’s price.
These patterns can be as simple as trendlines and as complex as double head-and-shoulders formations.