Yeah, I noticed quite a few times during my simulated trading as well. So, I won't rely on it, I'll just continue doing what I have done until I get settled in and am ready to try new things. I just feel that this adds another level of experience required that I have not yet mastered.
Stalker what you posted is a triple top http://stockcharts.com/education/ChartAnalysis/tripleTop.html
Jmowery, that is one possibility, the other is a head and shoulders. Overall I try not to concentrate on patterns in long time frames because my trading is done on intraday charts so that is more of importance to me.
Since intraday trading is very difficult, any evidence of short term market sentiment will be beneficial. You should make it a habit of looking at longer time frames to get a sense of that sentiment. Some truths that have taken me a long time to learn. 1. The market likes to travel in waves. This can best be seen on the attached 60 min chart. Even if the market is in a trend on the daily chart, the 60 min chart will still show wavy action. When the market is consolidating on the daily chart, the peaks and valleys of the 60 min waves will occur at the same spots. When the daily action is trending, the 60 min peaks and valleys will occur either higher or lower than the last wave, but the wave still occurs. 2. True trend days occur on average only about twice per month. This is because true trend days are just transitions from the peaks and valleys of the 60 min waves. 3. When at a 60 min peak, look for evvidence that the market wants to correct to the downside, and vice versa for 60 min valleys. This is why the market action on Friday is the typcial type of day 90% of the month. Only expect true intraday trends to occur about 2 out of 20 trading days. Charles
So, on Friday, we knew that we were on the lower part of the 60 min wave. Your thoughts should be looking for evidence that the market wants to correct to the upside. After spending a good part of the morning in the strong consolidation zone of the 60 min wave, the market started to make higher lows. Any trades on Friday should have been longs for higher probability success. Charles
One other thing that I have noticed on the 60 min charts, is that the market does not like to travel too, too far from the 38 period EMA, even when in the transition zones. For some reason, the market will trade back to that EMA before continuing its short term trend. Charles
...just answering the original question.....daily best 437 on an nfp day......current dalily for the last 3 months 203. (worked on total points / no of contracts) average rts a day on ym 42 for last 3 months.apparently i missed out on the real good times on the ym a few years back... cheers mark j
Stalker what you posted is a triple top Hm, they look very similar to me. Actually, for an untrained eye they look almost identical. I mean an ascending triangle can have a triple top, right? On the site you recommended, wich i think is great, the triple tops and ascending triangles are also looking very much the same.