5 point pattern trading

[phillyflipper]

BOL BAUSCH AND LOMB "Crab Pattern" This pattern is bullish
but very scary to go long with that steep decline. the best trades are the ones that look like you are crazy for taking them.

Things look easy in hindsight but you need to know in advance that these patterns work (60-70%) You don't have to buy the bottom as most will miss it, but the pattern tells you you can
look for a long entry as close as you can get to point D

 

[phillyflipper]

HAD WE DISCOVERED THIS Bullish "CRAB" in the biotech index $btk back on March 6,2007 we could have been better positioned in Biotech stocks for the ensuing rally.

 

[condorll]

Quote from phillyflipper:

I know that AMGN has performed horribly since its high in 2005,
but it now formed a bullish butterfly pattern. I also noticed that
other biotechs and pharmas are exibiting bullish patterns as well as the BBH Biotech holders ETF. There could be a shift back into pharma and biotech as a defensive play for those who think the ecomomy is weak. again we won't know the reason until after the fact, the pattern is signaling bullishness for now

I would take a stab going long on that AMGN chart. You have a trendline break to the upside happening, although on low volume.

 

[phillyflipper]

Quote from condorll:

I would take a stab going long on that AMGN chart. You have a trendline break to the upside happening, although on low volume.

Thank you Condor. By combining two methodologies we now have a more compelling reason to consider Amgn on monday.
THAT IS WHAT I AM TALKING ABOUT.

 

[condorll]

Quote from phillyflipper:

Thank you Condor. By combining two methodologies we now have a more compelling reason to consider Amgn on monday.
THAT IS WHAT I AM TALKING ABOUT.

Not really, My trendline break scan would have found that without having to draw butterflies, and would have saved aboout 4 days of "dead money".

Check the attached marked up chart

 

[phillyflipper]

Corning GLW now is not the time to go long. May be time to go short on a move back to 25. Chime in Condor. I believe this qualifies with your trend line break

 

[phillyflipper]

Quote from condorll:

Not really, My trendline break scan would have found that without having to draw butterflies, and would have saved aboout 4 days of "dead money".

Check the attached marked up chart

you are tough Condor but at least constructive

 

[condorll]

Quote from phillyflipper:

Corning GLW now is not the time to go long. May be time to go short on a move back to 25. Chime in Condor. I believe this qualifies with your trend line break

I would definately NOT short here, GLW is at 200 day ema/sma support.

Neutral or maybe long.

 

[phillyflipper]

Quote from condorll:

I would definately NOT short here, GLW is at 200 day ema/sma support.

Neutral or maybe long.

OK. I can deal with that. Maybe the move is over from the pattern trigger or maybe we retest 27.00 and then fail. Lot of possibilities. For the hard line pattern trader if they caught this short near the 27.00 area they would consider this a short trade
until it breaks 29.00. i know you do not agree with the methodology but I am just pointing out the trade

 

[condorll]

Quote from phillyflipper:

OK. I can deal with that. Maybe the move is over from the pattern trigger or maybe we retest 27.00 and then fail. Lot of possibilities. For the hard line pattern trader if they caught this short near the 27.00 area they would consider this a short trade
until it breaks 29.00. i know you do not agree with the methodology but I am just pointing out the trade