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On this page you'll find a short introduction to some of the most important chart patterns every trader needs to know. Technical analysis is the study of market action primarily through the use of charts, for the purpose of forecasting future price trends. It assumes three things: Market action discounts everything. Price moves in trends. The following patterns are the most recognized and followed. We actively follow and call them all in our Live Trading Room.
Wide range bar breaking out of support. Often this narrow range bar is also an inside range bar. Switch to a smaller time frame and take a breakout from the base or use above the highs of the narrow range bar of bar 2. Under the lows of the base or last major pivot low on the smaller time frame, under the lows of the narrow range bar, or under the lows of the third bar at the time of the setup.
A high followed by a slightly higher high. As the high of the first high breaks on a pullback from the second high. Alternate entry used by Toni: Under the prior bar's lows after the second high is made. The only time it is not under the bar that made the second high is if that high is followed by an inside range bar, so you would use a break in the lows of the inside range bar.
Over the second high. Price or moving average support. Breakout from the trend lines on higher then average volume as the trend lines converge. Under the lows of the base or last major pivot low on the smaller time frame or under the lows of the setup bar.
Equal distance on a breakout comparable to the distance between the first high and first low in the triangle. Ascending triangles tend to breakout higher. Stronger than average rally. Pullback of bars comparable to or stronger than previous rally, usually on increasing volume, to moving average support typically the 10, 20 or 30 sma.
Hugs the moving average support on decreasing volume. Moving averages start to converge 10 and 20 sma if it's setting up on the 20 sma. Switch to smaller time frame and enter on a breakdown in support or going into resistance. Over previous or current day's highs. Usually you will use current day's highs or intraday resistance. Next major simple moving average.
Gentle pullback to resistance, such as the 20 sma, on decreasing volume. Below the previous bar's lows or using an intraday breakdown such as a break in the uptrend line of the flag. Volume should start to pick up at this time to confirm the setup. Above the previous bar's highs or above intraday resistance. New lows, usually on high volume. A breakout in the most recent section of the trading range or trend line in the direction of the trend prior to the trading range.
Can also take an entry into moving average support in the case of a long and sma resistance in the case of a short.
Under simple moving average support such as the 15 minute 20 sma in the case of a setup on the 15 minute chart or under the last pivot low within the trading range.
Moving average resistance like the 15 minute sma , price resistance such as a previous pivot , or an equal move to that before the trading range on the move out of the trading range. Gentle pullback to support, such as the 10 or 20 sma, on decreasing volume. Above the previous bar's highs or using an intraday breakout such as a break in the downtrend line of the flag. Below the previous bar's highs or below intraday resistance.
A bullish daily pattern. Preferably where the market opens at lows and closes at highs. A gap down in the morning, generally on news, whereby the stock opens at or under the previous day's lows. Break in 5 minute lows A or an intraday setups such as a breakdown out of a base at lows B or a bear flag. Depending on the objective and entry. On a break in 5 minute lows for a day or swingtrade you can use above the 5 minute highs.
For intraday breakdown setups use a stop over the last bars or over significant intraday moving average resistance. The same goes for intraday bear flags. For position trades use over the high of the previous day or over the current day's highs. Gentle pullback of bars average to the simple moving average zone on decreasing volume.
Above the previous bar's highs or using an intraday breakout. Volume should pick up at this time to confirm the setup. Under the previous bar's lows or under intraday support. Gentle pullback of bars average to the simple moving average resistance zone on decreasing volume. Below the previous bar's lows or using an intraday breakdown.
A type of Phoenix. A stock coming out of a downtrend with rounded lows that puts in a slightly lower high and then pulls back gradually to put in a higher low. On a breakout higher out of the pullback. There will often be a moving average crossover such as a cross in the 10 and 20 sma Stop: Under lows of the pullback. Highs of the beginning of the cup or an equal move out of pullback as compared to move off lows.
High left shoulder followed by a higher high head and then a lower high right shoulder which is comparable to the left shoulder. Breakdown from the neckline. The neckline connects the lows on either side of the head.
Alternative and preferred entry is using a bear flag breakdown to enter after the right shoulder has formed. Over the past pivot high or 20 simple moving average resistance Target: Previous reversal prices and support zones such as a 5 minute sma if the setup occurs on the 15 minute chart. Wide range bar on increased volume preferably at a strong support level Entry: Above 5 minute high on a gap up or an intraday breakout to highs.
Under current or previous day's lows Target: Pullback higher of bars comparable to or stronger than previous decline, usually off lows on high volume, to 20 simple moving average resistance 3. Under previous or current day's lows on a daily setup. Usually I will use current day's lows or a break in intraday support.
For example, a setup on the 2 minute chart has a target of 5 minute 20 sma and a setup on the 5 minute chart has a target of the 15 minute 20 sma. Also watch for equal moves. Low left shoulder followed by a lower low head and then a higher low right shoulder which is comparable to the left shoulder. Break higher from the neckline. The neckline connects the highs on either side of the head.
Alternative and preferred entry is using a Phoenix to enter after the right shoulder has formed. Under the past pivot low or 20 simple moving average support Target: Previous reversal prices and resistance zones such as a 5 minute sma if the setup occurs on the 15 minute chart.
Also whole number resistance. Lower highs and higher lows on decreasing volume. Under the lows of the base or last major pivot low on the smaller time frame or under the lows of the setup bar in the case of a buy. Symmetrical triangles tend to resolve themselves in the direction of the overall trend.
There are exceptions, mainly at strong resistance in the case of an uptrend or strong support in the case of a downtrend. This tends to be one of the more difficult patterns for trader's to learn to use successfully. For in depth information please see my day trading ebook.