While reading the suri book, try to pick some chart pattern applicable to the Friday price chart. Matching High / Low Pattern is a reversal pattern with the price attempt to break the level for at least 3 bars in a row. For copyright reason, I will not go any further than that. In the morning, there is a valid Matching High pattern for the 1000 share volume chart (this pattern is not there in the 2 min chart by definition). In the afternoon, there is a very close to Matching Low pattern for the 1000 share volume chart. Suri could you help to advise whether it is a valid pattern for this case ? See Matching High Pattern in the NQ 1000 share chart : http://img407.imageshack.us/img407/6196/nqvolume1000071221amatcnh5.jpg See Matching Low Pattern in the NQ 1000 share chart : http://img146.imageshack.us/img146/8168/nqvolume1000071221bmatcuw3.jpg Any one is observing and trading this pattern ?
Thank you for your kind words, I'm humbled. I would be more than happy to share anything I am doing with others. Although I wouldn't reccomend following too close as I still make stupid mistakes on a daily basis I will talk to you on Monday on IRC about the best way to go about sharing. I would also be interested in hearing what you and Anek came up with for an efficient journal keeping method. Righ now I do mine on my charts by making notes of why I took a particular trade..etc. Kid- I have to agree with you. It would be better if someone could use a play back function to go through the exercise of recognizing patters. Although I think you need to learn to crawl before you can walk. I believe there are many out there that are at a level in their study where they can't even recognize patterns from a still chart. I think this method of looking at the charts after the session ends will benefit these individuals. I also believe that rather than make your mind see things that aren't there, this exercise will help train your mind to recognize these patterns before they develop in real time so as to help the trader anticipate what is coming and make a plan accordingly.
Never thought of that! Been using a stop-limit order to get in at the magic tick price but hadn't thought of going for a better price. I love this. Shel
I am looking at some chart patterns that will give short term setup such as within the next 10 bars. suri Three Line Price Brak (3LPB) pattern forms when three successive white/black candles (use closing price) is reversed (detail to refer to suri book). Please see some of the signals in the Friday afternoon. http://img209.imageshack.us/img209/6420/nqvolume1000071221b3lpbop0.jpg suri are these signal setup valid ? Any one observing and trade this pattern ?
jychui, I'll let Suri reply properly but will throw in my 02 cents. All the bar patterns, just like chart patterns, must be supported by something else. However, in the case of the bar patterns this is even more important. For the bar patterns I use the intraday chart as guidance for the intraday chart patterns a multi day anchor chart. Whether is a Trendline, Pivot, Support, Resistance. The pattern or bar formation alone is not good enough. For instance, you see a pattern, it looks goods. Great, what else we got ? Where's that backup, you need it. Don't take this post lightly this is KEY in successful trading and it might have been, aside from discipline, the very thing that took me to a whole new level of trading. Anek
This is a little old post. I was out of town for some time and didn't get much time to study and follow market on day to day basis. Would like to know if anybody used QT and tried to use this theory. Would like to know how sucessfull are you guys with this mathod for scalping. I plan to code for automate this logic using IB and QT. Any and all inputs are appreciated. Thanks
This is just another pattern described in the book, n-Bar Rallies / Decliens Pattern. The n-Bar Declines build up on new-lows setup (at least 3 new lows successively). Vice versa for the rallies. For more detail refer to the book. Please see some of the signals in the Friday NQ 1000 share volume chart morning session. http://img132.imageshack.us/img132/2081/nqvolume1000071221anbarcw5.jpg suri are these signal setup valid ? Any one observing and trade this pattern ? suri book has 56 patterns, I am just looking some chart setup that is applicable for the short term duration, say within the next 10 bars. Just looking at the Friday chart patterns, there are already several chart patterns applicable. So you could see the power of the book ! Chiu