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Alberto Culver Co. (
This particular pattern is one of my top three patterns to look for when entering into a long position and the failure rate is extremely low (I can’t remember off the top of my head when it last failed on me). A rising three pattern is seen below:
First, a full while candle, or up day closing at or near its highs, must be needed. Second, a series of narrow consolidation down days are needed, typically 2-5 days, and in
The reasoning is that the narrow range (usually a few pennies) is being observed by both bulls and bears to determine if the breakout would hold. Once it is realized that the bears do not have control, the bulls step in a finish them off. This is same as the typical flag pattern that you see after large breakouts to the upside.
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1 comment:
Great blog, and I like your conclusions. I also have a blog on blogger, and welcome your feedback on any of my charting.
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