The Price Action Journal

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Quote from HooLee:

For those interested in the Dragon price pattern, look at these 10-point range charts of NQ and ER2. As long as the dragon's back line hold up in upcoming price retracement, these markets are likely to continue to the upside. This pattern was discussed in AHG thread in several occations.
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Hi HooLee,

The dragon pattern looks like a double bottom. Are they the same thing or am I missing something?

Thanks

JW
 
<i>"You mentioned you like the 500-620 tick charts. I tried it out on TS and they do look very familiar with 10k Vol charts. I'm curious, why is there a range between 500-620? what makes you switch between the tick numbers?"</i>

I meant to say that the given tick range overall is akin to 10k volume setting

Myself, I use a 500-tick for everything. Others use 495, 510, 512, 577, 610, 618, etc. There really is no material difference between any of them... no magical or optimum chart setting exists. All of those charts will perform exactly the same over any 100 or 1,000 trades signaled accordingly.

Think of them as all quarter coins, from different states with slightly different pictures on the reverse. All of them flip the same, all of them will average the same # of heads and tails over any given sequence of tosses.
 
Quote from jfw215:

Hi HooLee,

The dragon pattern looks like a double bottom. Are they the same thing or am I missing something?

Thanks

JW
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A dragon has confluence of a trendline break and a double bottom at the same time.

Vice versa for reverse dragon, ie, shorts.
 
Quote from jfw215:

Hi HooLee,

The dragon pattern looks like a double bottom. Are they the same thing or am I missing something?

Thanks

JW
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They are certainly similar when you only look at the middle part of a dragon. But a dragon formation also has tail and head which reveal much more support and resistance infomation.
 
Quote from tv92670:

My take on ES 8/6. Notice how today's price action was very similiar to yesterday's.

Ty
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Good job man... catching those dragons... Wish I could say the same... I just realized going in today, I kept thinking about my success yesterday and became lax in my rules... ended up down before leaving for work. I learned my lesson to always start a new day fresh... can't let a previous day's success or losses influence me today, and be patient and wait for those patterns to form...

Cheers

JW
 
Anek,
Nice of you to post your chart again. When you said agressive buy, do you mean to buy right at the support level without waiting for any kiind of confirmation such as volume or 3BR? also, is there any reson you din't buy the bottom at 13:16 but bought the bottom at 14:03?
Thanks for your help.

Holt
 
Anek,

Thanks for posting the chart. I have a question. How many days do you typically let your support and resistance levels cover? Thank you.

Floyd

Quote from Anekdoten:

Mostly a continuation from yesterday, nothing new, except that we finally got to some real resistance area.

Anek
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