Classic Geometric Patterns and Narrow Range Setups

[inandlong]

Well that worked out well so far - for a short short term chart the profit is decent enough to pay for lunch. I see it's a bit higher than the chart right now.

 

[inandlong]

Sure it just made a new HOD on this bar.... but there is no way I am going to be around to see it. On a quick hitter like this, a 50% retracement on a big bar and I am history. Hey maybe that's why I have retreads on my Pinto... but it works for me.

 

[inandlong]

Or how about this one... is the consolidation narrow enough to allow for a small enough loss versus potential gain? I mean sheesh!

 

[Salzburg]

WLV turned out to be a classic test of a classic pattern. Did anybody trade it? I just sat by an watched.

 

[backman]

take a look at NTMD IDNR4 failure on 7/27,7/28...
followed by NR7 day on 7/28, and response through Friday

Also, ZEUS IDNR4 about 10 days ago

backman

 

[Salzburg]

Of the two, NTMD is somewhat familiar.

Now ZEUS, that’s another story. It consolidates at resistance – nice little pattern – then it fails, except it doesn’t “really” fail at all. (BTW, interesting weekly chart!)

That’s some very cool price action. After the fact, of course, I understand. But as it was happening? I would NEVER have been on to it.

 

[backman]

another one that (almost) qualified as an IDNR4....missed the ID criteria by .05 (so i missed it in my scans) was VLCCF from 7/9 to 7/13....there were other clues in the chart, but i wasn't watching for 'em carefully enough:-(

Backman

 

[Salzburg]

VLCCF -- yeah, missed the ID by one lousy nickel. But the NR4 was there.

On ZEUS your stop was above the high of 7/15?

The stop for VLCCF would have been over the high of 7/8?

Those are good looking counter-trend shorts! Looks like nice work if you can get it . . .

 

[inandlong]

If this keeps up there will be a ton of NR's and NRID's tomorrow.

 

[backman]

on ZEUS, stop would have been very tight....within .20-.30 of the opening high....

VLCCF...the 7/9 high would have been reasonable as a stop, although there were other aspects of the chart that might have given me reason to allow a little more room


FWIW. VLCCF just finished an IDNR4 today, and is off 2 points on my after-hour T&S