I agree with BMW. Take a look at the anchor chart (NQ 10000V) to see the downtrend. Monday's close was in the 38.2% - 50% retracement area from the 12/18 low, so wouldn't be surprised to see a turn soon, but have to wait for confirmation of that (HH and HL).
jychiu, The Tickvalue in TS(EL) is computed as MinMove. MinMove/PriceScale gives the Minimum Tradable tick for any instrument. So, you can have MagicTick input to allow users for 1, 2,3... magicticks. Then have a variable: MT(0); MT = MagicTick*(MinMove/PriceScale); :::::::: :::::::: Plot1(High[1]+MT,"buyp",BuyColor); Alert("3BR Buy"); :::::::: :::::::: Plot2(Low[1]-MT,"sellp",SellColor); Alert("3BR Sell"); :::::::: :::::::: Regards, Suri
Anek, Thank you for everything you have done to help all of us that have been struggling traders. I am very grateful for your help, as well as the help from others like Piscuy & Mark. What you have done by sharing is sure to change the lives of all those that take your teachings and apply them. I hope you and your family enjoy a blessed and prosperous new year. Chris
Suri, Thank you for your input, I will try it out (you see this forum is a great place to learn from the seniors!). As pointed out by babe714 that Martin Pring has a description of 2 and 3 bar reversal in his book, there are very little information on this elsewhere. Will you include this in your new revision of your book ? Will you be able to give a definition of 3 bar reversal as there are several variations mentioned in this thread, but no one give a definition ? Probably I am asking too much ! But a definition coming from you will carry weight. Chiu
jychiu, Thanks for your post. There is plenty of information on the web on one/two/three-bar patterns and my book covers extensively three-bar patterns material... Chapters 'Three Bar Groups', 'Market Structures'.... (1-3) bar patterns and its reversals were well discussed by Gartley, Dunnigan, and Crabel in their books also... Other references may include Nison's Candle patterns, Lockharts Market Structures, Williams Oops pattern, Joe Ross Books (?)... A Three bar pattern is a powerful pattern and a simple comparision of Highs/Lows may not fully justify its effectiveness. A Three Bar Pattern High/Low relative positions combination could itself set to 81 variations... I don't want to bore you with the math, but A Full Open/Close/High/Low relative positions on three bars can derive 41,472 pattern variations... This number gets astronomical with 4, 5, 6.. bar OHLC combinations. In simplistic terms, A Three Bar pattern may not always be a trading signal by itself but when used as a 'Trigger' or part of other indicators/patterns, it may be quite effective. Also, Three Bar patterns are more effective during the exhaustive moves to signal reversals than in the middle of trends. Another concept must be included as Anek points out is 'Confluence'... This topic is very elaborate and probably too academic but I'll leave you with few more ideas to think about Three Bar Paterns... 1. Range Comparision/Expansion 2. Include/Ignore Narrow Range Bars within the pattern 3. Wide-Range Bars 4. Gaps prior to ThreeBars or Within 5. Volume 6. Pattern formations near Pivots or near Daily Highs/Lows, MAs. 7. Compare Three Bar Patterns with Other Three Bar Patterns in Size, Locations etc. 8. ... Regards, Suri
I am just starting to use tinypic. Once I upload the image to the tinypic website, how do I get it to Anek's chatroom?