ES Journal Archive (2006 - 2008)

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could you explain to us what a festering pattern is ?

thanks !


Quote from Buy1Sell2:

Maybe it's good that I missed it. .We'll see. I do prefer a festering pattern for entry over a spike.:)
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Quote from optionpro007:

could you explain to us what a festering pattern is ?

thanks !
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It's a period of time of consolidation where either buying or selling is drying up, generally after a trend move . The next move will either be continuation or reversal with indicators suggesting the new move. It gives you plenty of time to get in and not chase the market.
 
Is it consolidation of a price with a following breakout? How long does it last before coming a festering pattern?


Quote from Buy1Sell2:

It's a period of time of consolidation where either buying or selling is drying up, generally after a trend move . The next move will either be continuation or reversal with indicators suggesting the new move. It gives you plenty of time to get in and not chase the market.
More...
 
Quote from brightstone:

Is it consolidation of a price with a following breakout? How long does it last before coming a festering pattern?
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yes. and who knows--it's chart/indicator driven.
 
Quote from Buy1Sell2:

It's a period of time of consolidation where either buying or selling is drying up, generally after a trend move . The next move will either be continuation or reversal with indicators suggesting the new move. It gives you plenty of time to get in and not chase the market.
More...

For example, the RTH 60 minute chart is festering right now.
 
I just thought I would post what I am looking at. the 1398 long at wave 4 worked out perfectly. I projected a symmetrical 5 wave move to complete on the es at 1411.50 last week. High today was 1411.25 for an immediate decline. Everything is lining up perfectly. I would say short any retest of 1411 with a 2 pt stop and go for profit targets marked as blue zones. If stopped out, wait for a move to 1415 area where you will reshort with another 2 pt stop and hold for a homerun.

This is a risk 2 to make a minimum of 13 scenario with high odds.
 

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