Thanks ChkitOut. I've heard of an M-Top or a W-Bottom. Is it possible that a m-bottom refers to a triple-bottom? It not, what will it look like? Holt
good question. I've seen the pattern also referred to as a dragon. Anek's comment that "Stop adjusted for M bottom failure" makes me wonder does he mean the third low between 14:12 and 14:38 not reaching the same low as the previous two and may bounce back the way it did? Also, on Anek's chart, around 10:50, the price moved to a new low, this looks like it breached the uptrend formation. yet he didn't exit but added position in the follow 2 bars. I can see how this could be a breakout out of consolidation and the 1184 was used as support. That's spotting a combo of uptrend, breakout, and support in real time. This seems to be pretty hard to do in the moment. Anyone have a different interpretation? JW
ChkitOut, Regardless it is a ?-bottom, price should go down when there is a ?-bottom failure; but Anek is clearly buying a "bottom failure" as price is going up. That's what confuses me. Thanks. Holt
JFW.... entry charts are ES=400 tick and NQ/YM=250 tick. The longer setup charts are ES=800 tick and NQ/YM=500... Nothing magic, I think anything can be used that matches your trading process and what you are comfortable with. How do you include the question in your responses... ie "quote from holt: why is xyz and what is abc " Cheers toucan
toucan, to quote someone's question in your reply, click the "quote" selection in the lower right corner of their message box.