|PDF Title||:||The Introduction to the Magee System of Technical Analysis|
|Total Page||:||290 Pages|
|PDF Size||:||5.79 MB|
|PDF Link||:||Read and Download|
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“Its greatest utility, however, is not what usually appeals to the beginner when he first makes its acquaintance, namely, the determination of good profit-taking levels. Experienced technicians, rather, find it more helpfu1 in a negative sense.
Thus, once a trend channel appears to have become well established, any failure of a rally to reach the return line (top parallel of the channel in an intermediate advance) is taken as a sign of deterioration of the trend.
Further, the margin by which a rally fails to reach the return line (before turning down) frequently equals the margin by which the basic trendline is penetrated by the ensuing decline before a halt orthrowback in the latter occurs.
By the same token, given an established trend channel, when a reaction from the return line fails to carry prices all the way back to the basic trendline but bottoms out somewhere above it, the advance from that bottom will usually push up out of the channel on the top side (through the return line) by a margin approximately equal to the margin by which the reaction failed to reach the bottom of the channel (basic trendline).”
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