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Dick, you are quite right. Sloppy on my part. What I meant to have said
was this;
When looking at the pattern, as a day trader, you can see from a 2-bar
reversal or DS or whatever, what the next bar is likely, even more than
likely, to be. The reversal signal means just that. Now it might
actually be a reversal of much larger duration or not - but from your
standpoint as a day trader, it is the next bar (day) that we are looking at
and in the first example we were looking to short and in the second one
looking to go long.
On the longer time frames you can often see what is likely to happen by the
shaping up of the bar. The DS that formed, before the big bar of
yesterday, as an example: if the opening bar of that pattern was not to
continue and give a 3 Crows pattern, then the likelihood was a doji.
During the day, you could see the possibility was building. Having
built.... the rest, as they say, is history.
Look at where the day has got to at the moment (and this is all without
reference to the 5 min and other lower time frames) and while we are
looking at a doji (which would be a lovely end game...!!) you will see that
it all revolved around the
98^27 key line, which I referred to in the last post. Once it came off, you
would have been short to the next key and hence the pattern we are looking
at in the attached gif- with all its possibilities.
Can't go on, I am afraid. Not supposed to be at my desk at all, but I had
to be there for other purpose and it is difficult not to look at bonds,
albeit briefly... Anyway, I hope that clears it up! Sorry not to have
put it better in the first place...
Bill Eykyn
www.t-bondtrader.com
"Learn to read the tape"
----- Original Message -----
From: "Dick Crotinger" <dangle@xxxxxxx>
To: <t-bondtrader@xxxxxxxxxxxxx>; <realtraders@xxxxxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, July 21, 2000 2:41 PM
Subject: Re: [RT] Patterns point the way...
> >>It might well not continue the next day or start a trend, but it was
good
> for the next day - and that is what you are interest in. <<
>
> Damned if I can figure this out... what do you mean here?
>
> Dick Crotinger
>
Attachment Converted: "f:\eudora\attach\Patterns2.gif"
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