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3 Peaks and a Domed House
Thu, Jan 17 2008, 11:41 GMT
by The Forex Journal
This article is taken from the Forex Journal, a special edition by Trader’s Journal magazine in Nov 2007.
The author is Larry Pesavento. He is a trading tutor and 40-year veteran of the markets. During his career, he has been a member of the Chicago Mercantile Exchange, supervised Drexel, Burnham, Lambert’s commodity department in Los Angeles, traded on and off the floor and has trained over 800 traders.
- Larry Pesavento describes a chart pattern introduced by George Lindsay in the 1950s called ‘3 Peaks and a Domed House’:
When the editor of Traders Journal approached me about writing an article for this supplemental issue, I was both excited and honored. In 2003, he asked me to write an article when the Nikkei Dow was trading at 7,000. At that time, it was a universal conclusion that the Japanese stock market was going lower. Literally, no one was bullish at that time.
What you are going to read in this article is a reference to a trading approach known as pattern recognition, which is a type of technical analysis. Pattern recognition has recently become quite popular on Wall Street. The reason for this popularity comes from the work done at the Massachusetts Institute of Technology (MIT). Dr. Andrew Lo, the chairman of the Applied Mathematics Department, did a 36-year study of the stock market and came to the following conclusion.
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Published on Thu, Jan 17 2008, 11:41 GMT
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