This Element is an excerpt from Technical Analysis Plain and Simple: Charting the Markets in Your Language (9780137042012), by Michael N. Kahn, CMT. Available in print and digital formats.
Beyond mere “pattern recognition”: how to interpret the subtle and not-so-subtle variations that appear in real-world charts.
Technical analysis has always been considered an interpretive skill and often cannot be tamed by mechanical systems. Even the latest “innovations” in setting trendlines and price targets cannot substitute for the human mind in leaving room for variations of traditional patterns. Consider a familiar price pattern in several different ways....
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