ES Journal Archive (2011)

[gkramer]

Quote from Pekelo:

triple bottom with RSI div on the 5 mins. As I mentioned yesterday, RSI is less reliable lately, but since this indicates a long entry, it should work...

Edit: People with an eagle eye might have noticed, that this triple bottom was actually a mini-dragon. Height was 9 ticks and the 3rd bottom came in at 8 ticks from the Failure...

Triple bottom. RSI. Dragon. 8 tick failure. Should be a good swing long entry. Oops.

I'll stick w/ price action and S/R.

 

[eudaemon]

Quote from creekboy:

i have no idea what a dragon is -is there a link i can learn from

http://www.trading-naked.com/JerrysDragonPattern.htm
http://www.trading-naked.com/JerrysDragon_more_examples.htm

not endorsing it or condemning it...

the two legs have been called double bottom, 2B, legs, swing failure, and I forgot the other dozen names...

If you turn the chart upside down you'll see a bearish one almost identical.

 

[volente_00]

Quote from Pekelo:

Just out of curiosity, anybody noticed the dragon 3rd bottom at 1212 ES???

(well, probably not, that kind of makes me question the point of posting here)

Is that like 1322 - 10 ?

 

[Pekelo]

Quote from gkramer:

Triple bottom. RSI. Dragon. 8 tick failure. Should be a good swing long entry. Oops.

Did I confuse you? I apologize, I thought it was rather obvious. We had 2 dragons today, a small one I posted earlier and I refered to it by ticks (because it was small) and this bigger one, showing here on the cash:

Those who know what I am talking about might notice that I cheated with the Failure, because it actually happened lower. That's what practice makes.

Quote from creekboy:

i have no idea what a dragon is -is there a link i can learn from

I have a thread about it. Search for it, oh hell, here it is...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=154290&highlight=dragon+pattern

 

[creekboy]

thanks eud

 

[Laissez Faire]

Quote from volente_00:

Is that like 1322 - 10 ?

My calculator is out of reach, but I believe you`re right

Where did this "rule" come from in the first place? I dug up some old threads on ET, but did not get much wiser in the end.

I have not used it to trade yet, but I`ve observed in amazement how many times this pattern plays out.

How do you trade this? Do you enter a directional trade after you believe a swing high or low has been made?

Thanks,

LF

 

[ammo]

short avg price of 10,covered 1/2 at 12,put em back out 16,avg 13 edit add 17.5

 

[eudaemon]

IMO. Trading all these patterns (or your own insane predictions if you are like me) is more like learning to trade a horizontal line.

What you do to manage, add and exit the trade (winning or losing) is more important than the low risk tactical entry.

<---9 more posts to go. Whew. I could never make it to 233.

 

[i_c_fed_people]

Quote from i_c_fed_people:

long 1313

out here at 1317 for +4

 

[ammo]

Quote from ammo:

short avg price of 10,covered 1/2 at 12,put em back out 16,avg 13 edit add 17.5

add 19.25,avg 14.75