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Diamond Pattern

Technical Analysis

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A diamond pattern is essentially two symmetrical triangles, one expanding triangle followed by one contracting triangle. There may be head and shoulders triangles patterns inside of the triangles, or be similar to head and shoulders. Diamonds are usually reversal formations, but they can also be continuation patterns.

Diamond patterns complete with a breakout to the top side or bottom side of the contracting triangle. The break occurs approaching the apex. The stop will go on the opposite side of the triangle, above the most recent swing high or below the most recent swing low.

If volume falls off significantly during the second part of pattern, the chance of a diamond pattern rises. This is especially true if the decrease in overall volume occurs in both the up and down directions. After the breakout, volume should rise significantly to confirm.

Projecting distance from the breakout requires measuring the widest part of the diamond. Project that distance up or down from the breakout. Set a take profit order or exit on a swing low if breakout to the bottom or a swing high if breakout to the top. Exit at the target on a swing high, a swing low, reversal pattern, or set take profit order.

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