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HEAD AND SHOULDERS ON AN INDICATOR

Perhaps the most well known use of this pattern on an indicator is with the CCI. 

This was named the Ghost by CCI Traders.

But the idea to trade the Head and Shoulder pattern occurring on an indicator began long before the Ghost.

Sometimes head and shoulders patterns can be more apparent on indicators than in price action.  The pattern is valid when it occurs on an indicator but does not mean a reversal of the price trend will necessarily occur.  Momentum indicators like the MACD shown below can diverge from price for some time and so it is strongly recommended to wait for price reversal to occur before making trading decisions.

 
 

 

expect miracles, they are everywhere.............. God is good all the time

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