Dragon pattern

The news of the pattern's death has been exaggerated, it is still alive and fine.

Today we had 2 different ones on the 5 mins chart. The first one had a 5+ pts Height and only gave a less than 2 pts bounce from the 3rd bottom, but the 2nd one although smaller might have just signaled the end of the current selling:

py7lh.png
 
Predicting SPX 1292ish as the low (so far 1291.6), based on 2 different timeframe dragons overlapping and giving the same low. I will post the charts later...

Edit: The 15 min frame:

qbiQ3.png


Height was 12 pts, 1304-12=1292

and the daily frame:

2i5yw.png


Height was 33 points, 1325-33=1292
 
Just for future reference, let's check how the prediction went:

Quote from Pekelo:

Predicting SPX 1292ish as the low (so far 1291.6), based on 2 different timeframe dragons overlapping and giving the same low.
More...

First we got a 3 pts bounce, then price came back to make a doublebottom, that was the time to reload if someone missed the first opportunity. The second bounce was a good 5 pts, and although the 1292 wasn't "the low" of the day, (the pattern doesn't say how big the bounce will be) it was still profitable with less than 1 point heat....
 
cool dragon stuff.
do you really trade that with real money.
holy shit.
i hope you can ride your dragon.

what is so difficult ? if its not holding on a double bottom, it is no bottom, it really is so easy.

By the way, your dragon pattern, apears all the time on every market on every time frame, its just a continuation of the started trend.

Roger and out.
 
Well, lately it has been showing up less and less often. The last time was a few days ago when we almost had a Failure, (overnight we were down) but eventually it didn't happen. Had the Failure happened, the 3rd bottom should have been around 1100-1110....

Fib7f.png


Certain patterns disappear after a few months/years, but then others show up...
 
Quote from Pekelo:

Well, lately it has been showing up less and less often. The last time was a few days ago when we almost had a Failure, (overnight we were down) but eventually it didn't happen. Had the Failure happened, the 3rd bottom should have been around 1100-1110....

Fib7f.png


Certain patterns disappear after a few months/years, but then others show up...
More...
expiratio is always skewed,is that dollar a dragon
 
Is it possible to profitably trade dragon pattern alone or other confirmation factors are needed? what are your exits for entry at point 3?
 
Sure it is profitable, as long as the pattern still presents itself although as I mentioned earlier lately it has became rarer.

I also mentioned earlier in the thread that the pattern doesn't predict how big the move will be from the 3rd bottom. It could be just a little bump or it can signal the end of the trend. usually when 2 different timeframed dragons overlap, that situation has a much bigger chance to be the end of the trend and the last bottom/top.
 
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