Dragon pattern
- Thread starter Pekelo
- Start date
NDX has just reached 1459.67, let's see if this is going to be the top as expected....
As an answer to Ammo's question earlier, I expect at least a pullback from here. But again, the pattern doesn't say if it is really the very top or just a shortable entry as we break in the rally, but after that we continue going higher...
To take advantage of the pattern one had to be long since the Failure, below 1400.....
As an answer to Ammo's question earlier, I expect at least a pullback from here. But again, the pattern doesn't say if it is really the very top or just a shortable entry as we break in the rally, but after that we continue going higher...
To take advantage of the pattern one had to be long since the Failure, below 1400.....
Some astute readers might ask:
Didn't we expect at least a modest but shortable pullback when we reached the 3rd top yesterday?
Yes, I thought it would happen during the day once we reached 1460 and around but the market just kept going higher.
Then I looked at the premarket action and that's where the answer was: It happened before the market opened:
The NQ high in the early morning was 1458 and since that is about 1460ish in NDX points (projection was in NDX), we promptly dropped back 12 points to 1446... I know, it is not exactly how we expect a nice top, but that was all we got....
Didn't we expect at least a modest but shortable pullback when we reached the 3rd top yesterday?
Yes, I thought it would happen during the day once we reached 1460 and around but the market just kept going higher.
Then I looked at the premarket action and that's where the answer was: It happened before the market opened:
The NQ high in the early morning was 1458 and since that is about 1460ish in NDX points (projection was in NDX), we promptly dropped back 12 points to 1446... I know, it is not exactly how we expect a nice top, but that was all we got....
this set-up does not work I traded it off a 1-min chart and lost money To any newbies out there you would be wise to avoid this thread
It is possible that:
1. You didn't apply it correctly.
2. It doesn't work with 1 min chart.
If you read the whole thread, none of my examples are based on 1 min chart... So probably you shouldn't use it either. But thanks for the test....
Here is one in the making:
If the Failure really happens here at 944, than we go to 952 as a 3rd top...The day kind of finished, so it is not clear if we get a failure or not...
Quote from Pekelo:
It is possible that:
1. You didn't apply it correctly.
2. It doesn't work with 1 min chart.
If you read the whole thread, none of my examples are based on 1 min chart... So probably you shouldn't use it either. But thanks for the test....
Here is one in the making:
If the Failure really happens here at 944, than we go to 952 as a 3rd top...The day kind of finished, so it is not clear if we get a failure or not...
wel how do I apply it then? some people here use slanted double bottom and tops and other only use straight ones
Simply. If after the open we keep going up an go higher then 944-46 (right now doesn't look that way, having a small downgap), then it should go to 952. So you are long from that area until 952ish, then you switch to short.
But first the Failure has to occur. The first half hour will tell if we got a failure or not....
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Quote from elovemer:
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