There ya go al c. Patterns within patterns. I like the way you stretch past intermediate Hi's n Lo's to grab those fib numbers. Confirmation is strong with multiple patterns / multiple time frames. Keep up the good posts.
al c., Great work. I've recently learned these exact patterns as well but I've only been watching on 5 min and up timeframes. Do you look at any others besides the 2 min? --opm8
There ya go al c. Patterns within patterns. I like the way you stretch past intermediate Hi's n Lo's to grab those fib numbers. Confirmation is strong with multiple patterns / multiple time frames. Keep up the good posts. ZBEAR, Thanks for the comments, as time permits in the coming days I will try to post some charts in realtime so that people may begin to see how these patterns and Fib. ratios are actually leading indicators and not lagging indicators. al c.
opm8, Another interesting fact about the patterns I trade is that they are visible on ALL time frames including tick charts. So, a trader simply must decide what timeframe he or she is comfortable with and trade the patterns as they develop and let the probabilities work in his or her favor. al c.
Are these patterns your own or are you using pattern developed by someone else's work? Is there a book or somewhere I can learn about these high probability patterns you are using? Or at least a list and description of these patterns?
nkhoi, Your ability to produce the most comprehensive links never ceases to amazes me. I've learned tons just following your posts. Thanks. okwon, All these patterns form the mainstay of "Fibonacci Ratios with Pattern Recognition" by Larry Pesavento, a superb trader. --opm8
al c., Thanks. I'm a little amazed that you trade with no other trend or directional confirmation. Or are you saying that the higher time frame patterns are your "filters?" --opm8
opm8, I have found that the best way to trade these patterns is to trade all the patterns that develop. So, for example; if I watching a 2 min. chart, I trade all the patterns that develop. However, I am especially interested in a 2 min. topping pattern that may develop in the area of a 30 min. bearish pattern or are of key fib. resistance. In this way I am using the confluence of patterns and Fibs. from different time frames. I will attach a 60 min. chart here, then post another message with a 5 min. charts attached. I hope this answers your question. al c.