Tuesday, February 7, 2012


/ng  --  dropped to previous support level and touched twice - double bottom, then formed 3 rising pattern and then it was trend up...    VERY OBVIOUS

  /cl also dived --- double bottom, break up, double bottom  -- 200 tick run.  VERY OBVIOUS.

  /tf ---   triple top at clear level ---dipped for 20 ticks.  OBVIOUS.

The fact is -- these patterns are obvious as they develop.  SUPPORT, RESISTANCE.  In all cases, volume spikes at the lows --- yet another clue.  /ng bottomed on the biggest volume candle of the day.  So that should have been the first clue (but not first entry -- it came over an hour later).

  so -- What to look for

1) SUPPORT / RESISTANCE LEVELS  (look back 5 days or so -- look at recent levels)
2) VOLUME SPIKES,  CANDLES with tails at lows.
3) double bottom / ascending triples at support.   
4) buy in direction of trend - set stop below  pattern. 

No comments: