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Thread: Chart Pattern Systems

  1. Default Chart Pattern Systems

    What systems are in use for chart patterns?

    I'll start......DT/DB.....still the most bang for the bug.

    Screen through EOD, set alert for penetration, confirm intraday.

    Anyone else?



  2. Default

    Since we are all watching the Chinese stocks and they have shown some great runs.....how about taking a look at one.

    Those skeptics be advised....I am not bashing this stock in any way. In fact I traded it twice yesterday for a profit (both long).

    But instead of hope, let's see what is happening real time for GRRF.

    Lower volume than yesterday (significant)
    overall trend of major markets is flat and all showing low volume.
    economic data relatively poor

    the chart.

  3. Default

    Buyers at the open got killed.
    Settled into a range from 10.73/10.70 to 10.50/10.55
    Range was broken on big selling at 10.56.
    support of 10.50 is now strong resistance with this volume.
    Lower low of 10.33 is not too far off.

    Buying opportunity may exist with a bounce from 10.33 with volume.
    Add in a potential change in market.

    This could be a good trade and if any volume hits it could push back above the 10.50 range.

    Any drop below 10.29 is a stop.

    Target 10.49 with confirmation of the DB.

    R/R is 1:4 or 1:3 with slippage in confirmation.

    1000 shares = $160

  4. Default

    Now we have a close above the previous resistance but no significant volume......interesting. A trade at this point is likely a guess.

    Any guessers?

    Or any different read than what I am presenting?

    I'm keeping this to trend / S/R driven entry system.

  5. Default

    OK, holding the mid 10.50's.

    Next stop is to break the resistance at 10.73 on volume.

    Anything in between is tricky as it is a low vol range area. Can't seem to justify any R/R.

    Any other observations? MA cross, MACD, RSI, moon phase, indicators....throw me a bone here.

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