Would you like to test TA?

[marketsurfer]

Quote from hypostomus:

However, I would look at a longer timeframe to see if TA on a longer scale trumps the shorter, as often happens.

what do you attribute this to?

surf

 

[illiquid]

Now what?

 

[OddTrader]

Quote from UM_manager:

This is a classical inverted head and shoulders pattern.
The chart is self-explanatory, I suppose.
The question is whether it will work or not?

I think you do have a gifted talent in scanning some price patterns that I am not able to see.

 

[JMowery1987]

Quote from atozcom:

I have heard from a few instructors from different seminars that:

1) Price pattern will not work if you are the ONLY one that see it.

2) Price pattern will not work if you have to look very hard to find it.

3) Price pattern will not work if others don't act on it.

4) Price pattern will not work if your entry timing is wrong.

5) Price pattern of one time frame could mean something else in other time frame.

6) Just because a price pattern worked before does not mean the same price pattern will work in the future.

7) price patterns work the best on the left of the hard right edge of the chart.

8) If you are looking for a particular pattern, just keep changing the time period until you find it.

NO. That is NOT head and shoulder.

It is double bottom.

It is a channel break out.

It is superman.

Hehe, I like this post. It's also true.

 

[OddTrader]

"I. Price pattern will work if you are the ONLY one that see it.

II. Price pattern will work if you have to look very hard to find it.

III. Price pattern will work if others don't act on it.

IV. Price pattern will work only if your entry timing is wrong.

V. If you are looking for a particular pattern, just keep looking, then you'll find it."

 

[hypostomus]

Surfer, just my amateur opinion. Do you think short term trumps long?

 

[illiquid]

Doesn't short term trump long term by definition at market turns, while long term trumps short term in the middle?

 

[Trader_Herry]

Quote from atozcom:

I have heard from a few instructors from different seminars that:

1) Price pattern will not work if you are the ONLY one that see it.

2) Price pattern will not work if you have to look very hard to find it.

3) Price pattern will not work if others don't act on it.

4) Price pattern will not work if your entry timing is wrong.

5) Price pattern of one time frame could mean something else in other time frame.

6) Just because a price pattern worked before does not mean the same price pattern will work in the future.

7) price patterns work the best on the left of the hard right edge of the chart.

8) If you are looking for a particular pattern, just keep changing the time period until you find it.

NO. That is NOT head and shoulder.

It is double bottom.

It is a channel break out.

It is superman.

I disagree.
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3) Price pattern will not work if others don't act on it.
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Chart pattern is discovered by technicans first before other learners follow. At that time, few know what chart pattern is about. If it doesn't work in the first time, no one is going to follow.

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4) Price pattern will not work if your entry timing is wrong.
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From the sound of it, it seems a wrong entry timing (ie early entry) would spoil the whole pattern, making it reverse.

If you enter early, but you set a right technical point, you are just not getting good price and earn less.

But it may hurt you a bit when your stop is too tight before the market can prove itself. You may be right but you stopped out early too. However you may just have higher costs if you are willing to get back after being stopped, when the trend goes in your faovur.

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NO. That is NOT head and shoulder.

It is double bottom.
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It DOES look like a head and shoulder at that moment, and as far as the picture shows.

However it can be interpretted as other patterns.

Head and shoulder appears on a major bottom or top. Is this a likely major bottom or top? This picture is too small to get the answer.