New Chart Formation

Discussion in 'Technical Analysis' started by hypostomus, May 11, 2004.

  1. Those of you who are NQ specialists (masochists?) may add a new technical term to your trading arse-nal. Please pull up a five minute chart (sorry, I've gone "Jack" on you, no more one minute charts for me) of NQM4 for today, 5/11. Look at the four bars from 11:20 to 11:35 Eastern Time, consisting of four stairstepping comets with long upper tails which follow a long green candle.

    Henceforth this pattern shall be memorialized as "The Market Tries to Take a Dump while Standing on its Head". This will shortly appear in Steve Nison's seminars as something he invented. He will call it "Four Black Crows". I like my name better, because the imagery it evokes is more apt, as the result is predictably messy. Later.
  2. ...for the convenience of those who get their data from the morning paper. Times are Pacific for most efficatious trading from Dallas. The pattern occurs at the high of the day. Use your finger to follow the bouncing ball. You'll find it.