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5 point pattern trading
- Thread starter phillyflipper
- Start date
Quote from ess1096:
Philly,
Quick question? You've posted A LOT of charts in this thread in a short period. I don't assume you have a position in each and every one of these. Correct?
You are correct. I have recent positions in BSX, DBRN, and today
AMGN, and ABBI. All long positions. i decided to make a portfolio of stocks based solely on these patterns .
OK, Real time Real life PDLI Protein Design Labs biopharmaceutical Co. Bullish Gartley triggered on 8/16/07 which I did not see until after the fact. i like this company and was mad I missed the opportunity. I was waiting for a pullback.
Pull back is here on news after hours that took the stock back down to point D 20.10. I perceive the news as good for the long term of the company, others sold it hard on the news, but 20.10 is holding after a brief dip to 19.50. The chart is end of day today.
Current trade 19.90. Point X is 18.00....this is a wait and see for now. Market knew some of this news already but not all, even the insiders kept some of this news quiet
Pull back is here on news after hours that took the stock back down to point D 20.10. I perceive the news as good for the long term of the company, others sold it hard on the news, but 20.10 is holding after a brief dip to 19.50. The chart is end of day today.
Current trade 19.90. Point X is 18.00....this is a wait and see for now. Market knew some of this news already but not all, even the insiders kept some of this news quiet
Attachments
Yesterday's news put a hurting on PDLI. Today we see that 20.00 area point D which was support is now resistance. 18.00is support for now. This is a failed Gartley pattern which CAN mean
substantial downside risk. Be careful and use stops
This study is not to prove how great 5 point geometric patterns
are (although I believe they are great) It is to see how we need to be thinking and reasoning when we see one of these develope so we can take advantage and also know what to expect if/when they fail.
substantial downside risk. Be careful and use stops
This study is not to prove how great 5 point geometric patterns
are (although I believe they are great) It is to see how we need to be thinking and reasoning when we see one of these develope so we can take advantage and also know what to expect if/when they fail.
Attachments
ARJ Arch Chemicals the chemical company is overpowering the bearish butterfly at this moment in time. Some will be out if they were short, but remember that this is a weekly chart and this bar will not be complete until 8/31, but point D has been violated which is not good for the bearish case. We have seen in other examples how D can be violated by 1-2 points and then return
below point D. BUT you must decide how much you are willing to risk to see if we come below point D. I hope you see that this is the reality of any trading stradegy or program or theory.
Be careful because the volume is very low up here and i am sure if you put any kind of momentum oscilator it will probaly reveal a divergence between momentum and price(i dont use them) another indication of a pullback or reversal
I said it before these are probability trades not for sure trades. But also study the price action around these point D's to see what can happen so you are not caught by surprise.
below point D. BUT you must decide how much you are willing to risk to see if we come below point D. I hope you see that this is the reality of any trading stradegy or program or theory.
Be careful because the volume is very low up here and i am sure if you put any kind of momentum oscilator it will probaly reveal a divergence between momentum and price(i dont use them) another indication of a pullback or reversal
I said it before these are probability trades not for sure trades. But also study the price action around these point D's to see what can happen so you are not caught by surprise.
Attachments
Fib retracements do not work. In other words, Fib levels are no better than any other random retracement level. According to studies.
Someone using 61.8 is not better than using 56 or 67 automatically
In other words, don't get hung up on Fib levels. If you want to trade retracements, Fib levels will not make you better..
Someone using 61.8 is not better than using 56 or 67 automatically
In other words, don't get hung up on Fib levels. If you want to trade retracements, Fib levels will not make you better..