Out with 1.25 pts. Still waiting for my S/R entry. Don't have steak money but mc'ds is definitely in my future!! twink edit: short at 1342.50 with 2 pt PT and SL edit: SL moved to 1 pt edit: SL moved to BE + 1 edit: out with 1 pt!! Now I owe Gary a steak! To bad he's at the fair
Where is everybody?? Bear flag on the 5m?? edit: looking to get short at 1339.50 on breakout of bear flag edit: using the edit function to keep the posts down but it looks like a pennent on the 15m.
Hi Twink! Thanks for the comment. I agree: since it was the high of the day, just to be sure adding two ticks might have been better. Did you see see this pennant, or something like it , on the way down? The low of that channel was 1345.50 as I saw it, and I would have waited for that to break, minus a tick or two. And then at 1342.50 Gary's breakout on the short side followed. Disclaimer: I'm only papertrading at the moment, so I can get a feel of these patterns. I'm still new at chart patterns. KT
Hey KT, I originally drew that as a bull flag on the 5m and as the sideways movement continued I changed over to a horizontal congestion zone. I don't know if that's what it's called but I think you trade the breakouts just like the flags and pennents. Wish the "man" was here twink
Also have this bearish hcz on the 5m and a breakout of the pennent on the 15m. I have them attached side by side. I'm short 2 ticks below the low of the pattern with 5 tick PT and SL. Yes I know Gary goes for 2 pts but I'm new twink edit: stopped out with a 1.25 pt loss Smile because I think this was a proper trade. I do think that the 5 tick SL is too tight for the es. I'll watch to see if it would have succeded with a 2 pt SL. edit: reentry short. this will be the last trade if it's a loser (2 losers then done) edit: and I'm stopped out for another small loss!! Done for the day Net -0.5 pts. Not bad but I did manage to turn a winning day into a loser
Hi Twink! Yes, I saw that too! I would have agreed with going short at 1339.50, but I just didn't see the kind of volume we had earlier when ES broke down to 1342, so I might have waited first for volume to pick up, probably missing the entry. At the moment volume does not appear to confirm a breakout move, but that might change. This is my first week of really observing chart patterns in real-time, and I must admit it's a lot of fun so far. I watch them while I read Bulkowski's comments on each pattern, so I kind of get both: theory and practice.
No jury duty, number didn't get called. The attched chart is pure speculation as I just got home and I've missed the trade. As I write this I would have maybe gotten filled, or I'd still be in the trade. But it's all just speculation.
KyivTrader, From looking at your chart I would call that price congestion more of a small dbl top or somewhat of a decending triangle. I dont have a charting program atm (working on it); so this is just from looking at your .gif Reason why I would call it more of a dbl top or desc. tri is because from the chart we have a small 'updraft' and then we have a price consolidation; usually pennants are continuation patterns; let alone I usually draw the lines near the bases of candles (it all depends thou since a chartist has to use his imagination and sometimes the edges of the wick serve you better or the bases of the candles). Now that I think about it we perhaps alos have a failed pennant; so maybe you are right after all -Just adding my 2 cents worth ie not bashing your charting-
This late in the day, and after an hour in the trade I'd have bailed at 2:15 CST anf taken my 1.25 pts had I not been filled buring the previous two 15 minute bars. Gee! These decisions are so easy with no money on the line. Don't pay for shit, but easy.