Danny’s Technical Thoughts ~ Friday February 5th
Let’s dive in and take a look at some key charts and technical levels ahead of today’s US employment report.
Chart Analysis
Point & Figure Chart
A method of charting that uses prices to form patterns of movement without regard to time. It defines a price trend as a continued movement in one direction until a reversal of a predetermined criterion is met.
Pennant
A continuation chart pattern formed when there is a large movement in a security, followed by a consolidation period with converging trendlines, which forms the pennant.
Using Logarithmic Charts
By Alan Hull, AlanHull.com The science of technical analysis can be daunting for the newcomer. One of the most intimidating areas is the use of logarithmic charts. Adults who weren’t paying attention in their Math’s classes in High School will find the word ‘Logarithm’ in itself to be somewhat intimidating. The easiest way to explain …