Here Is Why It Is Important To Know Where Certain Patterns Are Forming

  • August 17, 2004
  • Tsutae Kamada

I don’t know exactly how
many traders follow candlestick patterns, but you have to pay attention to where
specific patterns are forming.

11:21:50

Daily Setup Alert


Walgreen (WAG)
is forming a bearish shooting star on its daily chart. WAG is trading at 36.98,
up 0.09.

As you can see below, a bearish tail is shaping just below the July 27 high. The
issue attempted to take out the high, but it lost steam and reversed. This
is a discouraging development especially after forming a bullish wide range bar
yesterday. A short sell signal will be given when WAG falls below yesterday’s
close.

Pay attention to where certain patterns are forming.

T.Kamada