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Head and Shoulders PDF Print E-mail
Monday, 15 December 2008 18:12
A Head and shoulders pattern is generally one of the surest patterns that are developed by price action. The reasoning behind its name is that the pattern looks like a head with a shoulder on either side.

In the above example there are four parts to the formation identified.
     1.    Shoulder 1: First turn back of price on the move up.
     2.    Head: Second turn back from prices higher than the high of Shoulder 1
     3.    Shoulder 2: third failure of price to get higher , lower than the Head
     4.    Neckline; lowest price on the three pullbacks form the head and shoulders.
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