I'm in heaven......heaven......and dancing cheek to cheek while is see this pattern.
We all like to trade some kind of a pattern, from a breakout triangle all the way down to a mittens. In January 2004 I shared one of my favorite patterns in Active Trader magazine using the internals to back it up...or trigger it.
The crown pattern is a defined set of fibonacci relationships as the market tests and then retests support or resistance. Leg C to D is the same as the leg from A to B, also C to D is .618 of B to C. You read the article and get the inside scoop on this pattern but it never triggers or finishes setting up until the $TIKI go below -24 for a long like it did on Thursday, (Point E). Now that is some secret sauce....just for you.
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4 comments:
I too had a signal to go long on that trade you're showing and another indicator that kept me long for a little over 13 pts (my signal to go long came before yours I think). For you, it was your favorite crown pattern. For me, it was something else but every bit as effective from a probability model standpoint.
My point is not to belittle you though. On the contrary, thanks for showing your charts. My point is that your secret sauce just happened to cross with my secret sauce and who knows how many countless others' secret sauces. That's what makes a market. Your edge is good just as my edge is good. And I don't think either one of us is out of line to say that there is no rocket science going on here. Just a conviction to trade a rule and to keep playing that rule because we know it wins over time. That's the only real "secret" that escapes most who try their hand at this game. They seek random rewards and so they get random, rather than consistent, results.
Would you share it with us? I am sure if you sent it to Dennis he would post it here if you do not have a blog of your own.
To NeedingAnEdge:
If I tell you that I'll have to kill you (:
ok , post it , and kill him
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