AHG - Profitable Strategy for Struggling Traders

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Quote from fruitbowl4u:

I'd hazard a guess that near the top you're looking for an uptrend that makes a pullback into a double bottom and a break upwards for a continuation of the uptrend.

Near the bottom it would be a downtrend making a pullback into a double top and breaking downwards for a continuation of the downtrend.
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Fruit,

Thanks for playing but nope :)

This one is actually quite the puzzle and it will be interesting to see if someone solves it.

This is "Elite" trader so I'm sure someone will heh

Anek
 
Hi Anek,

Just a try to interpret the M pattern near a bottom.

When an "M" forms near the bottom, the middle of the M looks like a double bottom, if you take the long after price moves above the mid swing high, you get stopped out at previous swing high (the start of the M). SO, price is basically respecting the s/r level and shoots down to the support level ( which started from M forming). So, price is like sandwiched between the M. Either price goes into consolidation.

Or if price wants to go high, we can read the whole "M" as a double bottom (with the bottom near the lowest support near start of M not the middle part of M) and if it has to come out of this M zone, it has to break the top part of M. When we see a bar close above this M, we can enter a long trade, similar to a double bottom trade. The up move after this M bottom will be very explosive.

Please let me know if I am correct or partially correct atleast.

Thanks
DisciplineTrader
 
D,

That's a good logical explanation on price action within the pattern formation and how to approach it.

However, it is not the reason of my interest.

Good effort my friend.

Anek
 
Anek,

Here's a wild shot.
Looking at your bottom pattern I see
many s/r levels. Would this be excellent indication of a chop zone? So then I'd sit on my hands while price is within this bottom M?

I realize this doesn't address the top and bottom aspect.

-Tech
 
Quote from Techdoodle:

Anek,

Here's a wild shot.
Looking at your bottom pattern I see
many s/r levels. Would this be excellent indication of a chop zone? So then I'd sit on my hands while price is within this bottom M?

I realize this doesn't address the top and bottom aspect.

-Tech
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The M and W patterns form during congestion, especially if scattered around the intraday.

The M top is easy, the W bottom is easy.

Now, the W top and the M bottom is what I'm after and for a very special reason.

Anek
 
An M at the bottom and a W at the top are exceedingly rare.... and they signify continuation of prior trend after congestion which is the exact opposite of double top and bottom.

Haven't found the images to satisfy you yet.


p.s. if this is a correct answer do I get a free hour of mentoring? :D


cheers
SS
 
Quote from screenstruck:

An M at the bottom and a W at the top are exceedingly rare.... and they signify denunciation of prior trend after congestion.

havent found the images to satisfy you yet.


p.s. if this is a correct answer do I get a free hour of mentoring? :D


cheers
SS
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No correct answer yet :)

Anek
 
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