Profiting with Chart Patterns book

Saucer Pattern: Parker Hannifin
Saucer patterns are difficult to identify because they do not form smoothly. On the 
left of this chart going from November to the middle of January, we really did not 
have a very smooth downtrend. We kind of jumped around in December but you can 
see in January that the lows being formed were successively higher. We actually 
gapped up there at about $93, which tells you that the chart is gaining more 
momentum. This is not a very well-formed Saucer pattern but it is a pretty good 
example of the psychology of transitioning from a downtrend to an uptrend.
Figure 3-14.
Saucer Pattern Shown on the Chart for Parker Hannifin
Again, the Eighths tool did a great job of keeping us in this trade through all the 
jumping around between $90 and $100. We closed out in early February because the 
price dropped below our prior Eights line. This is a great example of the Eighths tool.

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Chapter 
3 Definitions, 
Structures, 
& 
Examples
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Saucer Pattern: Newfield Exploration.
This saucer is better formed than the prior one. You can see that we ran up to about 
$41 and started turning down at successively lower highs. We then broke through 
support at about $37 on a strong bar. You can see momentum picking up at the end 
of the saucer. We would have carried it all the way down to about $25, which is a 
whopping 32% move in a very short period of time.
Figure 3-15.
Saucer Pattern Shown on the Chart for Newfield Exploration

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Chapter 3 Definitions, Structures, & Examples
©
 Nirvana Systems Inc.
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Profiting with Chart Patterns