Does triple top have to be on resistance line?

[SanMiguel]

Does a triple top have to form on a resistance line or can or also be on an up trendline?
I imagine it's a bit difficult to confirm a reversal if it's on the up trendline?

[gasanvill]

Originally Posted by SanMiguel

Does a triple top have to form on a resistance line or can or also be on an up trendline?
I imagine it's a bit difficult to confirm a reversal if it's on the up trendline?

If you are in an up trend and you see a triple top pattern..then there is no longer an up trend (at least in that timeframe). You are know in a consolidation period or a range...

I dont like to trade patterns because what happened in the past doesnt mean it will happen now again, and also because they are very subjective, I mean, sometimes you see things that no one else does. But if i found a triple top pattern and a strong resistance line..i would go for it, because now you have two signals.

[SanMiguel]

Originally Posted by gasanvill

If you are in an up trend and you see a triple top pattern..then there is no longer an up trend (at least in that timeframe). You are know in a consolidation period or a range...

I dont like to trade patterns because what happened in the past doesnt mean it will happen now again, and also because they are very subjective, I mean, sometimes you see things that no one else does. But if i found a triple top pattern and a strong resistance line..i would go for it, because now you have two signals.

This is not a triple top then? A trendline is a type of resistance line. I understand the true triple top is topping out all at the same level but we occasionally see head and shoulders patterns that aren't really flat, always at slight angles (actually I believe that is one on the right hand side of this chart).

[gasanvill]

Originally Posted by SanMiguel

This is not a triple top then? A trendline is a type of resistance line. I understand the true triple top is topping out all at the same level but we occasionally see head and shoulders patterns that aren't really flat, always at slight angles (actually I believe that is one on the right hand side of this chart).

ohhh sorry, i cant see charts form this computer. I´ll check it out later from my personal PC...