Dragon pattern

Since we have been in an uptrend in the last couple of days, in didn't take too long for the upside down version to turn up:

1kwag.png


Height: 7 pts

Failure: at 3 pts (SMA line)

3rd top: 5 pts

As mentioned in the thread earlier, the 3rd top comes usually 80% of the Height. We got a 3+ pts bounce out of it before the uptrend continued...
 
After a few days of rallying and having not so good looking upside down versions, here came the beast:

2r6e4yc.png


Height: 9 pts

Failure: at SMA, 3.5 pts

3rd bottom: 10.5 pts (slightly overshot)

Bounce: 5 pts
 
Just in case somebody didn't see it:

np55k9.png


The math gave a projected 815 + 52 = 867 3rd top and we did get to 864+ , as good as it gets....Also the upper Bollinger acted as resistance (not shown).
On the NDX chart the Failure happened exactly on the SMA line, the SPX overshot it a little...
 
Peke-

Read this thread last night and spotted the dragon this morning. Decided to try it and made a quick $1,000.

Thank you so much...........I'm shutting down and going to the Cub's game..........
 
Quote from JNB:

Peke-

Read this thread last night and spotted the dragon this morning.
More...

If you are talking about this, this is a unicorn, not a dragon:

2qulyqb.png


All jokes aside, would you mind posting the chart, because I didn't see anything. There was a small one (5 pts) yesterday just before the open on the futures chart, but other than that, I am not aware of any...
 
Quote from Pekelo:

By popular demand I explain in this thread the dragon pattern with examples. If you still have questions (although you shouldn't :) ) just ask.

Q: What is the dragon pattern?
A: It is a failed double bottom pattern, where a failure occurs around the half of the W's height after the 2nd bottom and falls lower making a 3rd bottom, where it bounces.

Q: Why is it called a dragon?
A: Because according my vivid imagination, it reminds me of a dragon. See the picture below. If it bothers you, you can call it "The Pekelo".
More...

Of course we will overlook the fact that Suri Dudella wrote about Dragon Patterns in his book or that Dragons have been written about elsewhere..

But if you want to feel like you invented it, then go for it.
 
1. Never heard of Suri and don't give a shit.

2. Just because the names are the same, the pattern could be different.

3. An example/chart would have been most helpful, next time you accuse somebody, evidence is welcomed.

4. Do you really care as long as it works?

5.etc.etc.etc

But thanks for contributing.... and I already went for it. :)

P.S.: I got curious and checked his dragon. Had you read and understood both, you should have realized that they are different although they both use W and M:

http://www.scribd.com/doc/8331452/Dragon-Pattern

His doesn't use a failure and a 3rd top/bottom. The name similarity is just a coincidence. So if it is OK with you, I still claim authorship with my kind of dragon, which by the way faces the other way.... :)

Quote from Pekelo:

Q: Why is it called a dragon?
A: .... If it bothers you, you can call it "The Pekelo".
More...
 
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