5 point pattern trading

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
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Doubt sucks huh!

The point I am trying to make is you need to look at the bigger picture. None of your charts show support or resistance, moving averages etc, all which come into play.

You can't trade successfully off just a "pattern". You need to look at the Weekly, Daily, 60 min, 30 min etc... I use Fibs all the time for projections, support and resistance, but if you look at my charts there is alot more info than meets the eye at first glance. For example, the colored background on the "candlestick chart" is GLW's subgroup's moving average, pink when fast below slow and green when fast above slow (my actual ma numbers not revealed, yet). When I check the subgroups chart well, it's about to go Green. GLW's RSI is also rising above 50, bullish.

You need to broaden your scope.
 
Quote from condorll:

Doubt sucks huh!

The point I am trying to make is you need to look at the bigger picture. None of your charts show support or resistance, moving averages etc, all which come into play.

You can't trade successfully off just a "pattern". You need to look at the Weekly, Daily, 60 min, 30 min etc... I use Fibs all the time for projections, support and resistance, but if you look at my charts there is alot more info than meets the eye at first glance. For example, the colored background on the "candlestick chart" is GLW's subgroup's moving average, pink when fast below slow and green when fast above slow (my actual ma numbers not revealed, yet). When I check the subgroups chart well, it's about to go Green. GLW's RSI is also rising above 50, bullish.

You need to broaden your scope.
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I am not doubting the bearishness of GLW based on the pattern
it is now a matter of trying to get short at the best price. You may want to be long based on your indicators which can change in a New York minute, but you need to respect the bearishness of this pattern as price approaches near 27.00 area that is all I am saying. I used to load my charts up but all it did was keep me from doing what the pattern was revealing. i see your old ways are coming up with the sarcasm. I really hope we can keep things constructive.
 
Hey, I am NOT trying to beat you up. I have been around the block so many times I have holes in my soles. I have tried the latest and greatest software over the past 10 years and keep returning to what works.

What works= KISS

(Means= Keep it simple stupid) and no offense intended.

Check the subgroup, the stock, multiple time frames, support and resistance, make sure you have the proper reward to risk ratio, calculate a proper position size based on risk vs portoflio size, then go for it, if it all jives.

Gotta call it a night,

Cheers!
 
Quote from condorll:

Hey, I am NOT trying to beat you up. I have been around the block so many times I have holes in my soles. I have tried the latest and greatest software over the past 10 years and keep returning to what works.

What works= KISS

(Means= Keep it simple stupid) and no offense intended.

Check the subgroup, the stock, multiple time frames, support and resistance, make sure you have the proper reward to risk ratio, calculate a proper position size based on risk vs portoflio size, then go for it, if it all jives.

Gotta call it a night,

Cheers!
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Come on Condor. I am keeping it so simple you even admit it yourself. the pattern tells you what you can expect next. There is alot of information in these patterns. I do consider risk . these opatterns get you in atrade at a very good location. I really don't know how you can't see that. Lets keep it civil. I appreciate it.
 
Philly I too share you appreciation of fib, although I am not nearly as advanced as you. I can see the stair steps and 123 swings easily now, after 6 months. Question........what software helps one find Gartleys? I seems to be a difficult one to just spot?

After reading Pessavanto ( hope I spelled his name right ) they seem to offer a superb R : R. Thanks for sharing.
 
Quote from dandxg:

Philly I too share you appreciation of fib, although I am not nearly as advanced as you. I can see the stair steps and 123 swings easily now, after 6 months. Question........what software helps one find Gartleys? I seems to be a difficult one to just spot?

After reading Pessavanto ( hope I spelled his name right ) they seem to offer a superb R : R. Thanks for sharing.
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Ensign software has a study called Pesavento Patterns. I believe it will identify various patterns and they give a free trial for new users.
 
HWCC HOUSTON WIRE & CABLE i KNOW NOTHING ABOUT THE COMPANY. Pattern shows a bullish butterfly at pt D 18.00

It fell below pt D after its initial bounce which would have stopped out most pattern traders but now it has come back above pt. D and pt D could act as support. We know that below
18.00 is not good for this trade . this is a possible long entry
with a small 1 point stop or wait for a trend line break to the upside knowing that 18.00 should act as support

again this is a study purely on patterns. I know nothing about the company. I believe the patterns tells us all we need and can know at this particular time. Also note the high selling volume
which appears at extremes before a turn. For those who study candles there is a bullish long hammer with a bullish engulfing candle on 8/16-17 please correct me if I am wrong on my candle analysis.
 

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That looks like a valid bullish hammer pattern. Bullish engulfing? I don't see it. Nice gap to fill all the way up to 25 and change...
 
Quote from Big AAPL:

That looks like a valid bullish hammer pattern. Bullish engulfing? I don't see it. Nice gap to fill all the way up to 25 and change...
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thank you AAPL .I appreciate the candle analysis correction
 
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