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Dennis Peterson wrote:
>
> Walt,
>
> I am Looking at the last few days action in the December Wheat.
> Question, was Friday 10/17, the first day of a Pattern-1 Multiple Bar
> Set? Its high was roughly equal to the center of Thursday's range, and
> its low was lower than Thursday's. Monday was a large outside day up
> which closed on its highs. If I am understanding you correctly, I
> should consider Monday's action in WZ to be a completion of a Pattern-1
Dennis,
First of all, I would like to say that the MIG RIT, and MIG web pages,
which detail the MIG project and trading are very interesting. Anyone
who hasn't browsed through Dennis' site should check it out.
To answer your question: Yes, an almost textbook short-term set-up.
You might also note that Monday's trading by itself, was a 1 bar
expansion reversal set-up. Looks to me like Wheat blew through the
top, and kept going though.
These patterns, ESPECIALLY when taken in the direction of a larger,
mid-term (10-15) day trend can yield some nice Intraday and swing
trades.
Tonight, I will post a few charts of Wheat, so people can get a better
idea of what thes setups look like, and how they trade. :)
By the way, check out Bonds, and the SP500. Almost the same kind of
deal.
Walt Downs
CIS Trading
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