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It would take a book to describe the many price patterns which can be used
for trading. There are the basics like the inside bar and the outside
reversal bar, then the Wyckoff spring and thrust reversals which work off a
decline (thrust) below a nearby prior pivot followed by a thrust back up
through it. Among the most useful in pattern work is the symetrical decline
to an extreme low followed by a symetrical rally ... the symetry is in
relating the pivots on the left decline to the pivots on the left rally ...
every time the rally surpasses a pivot on the left side, draw a line to the
right from the surpassed pivot high and then draw a line from the pivot low
to the left of the pivot high for support ... reverse the process for tops.
Once you work with and get a feel for the symetry, you will find all kinds
of variations which add information .. the failures provide setups just as
do the confirmation.
These patterns form the bulwark of my trading and are supplemented with
regression channels, EW, OBV and an occasional stochastic divergence. I've
posted many of these patterns (in all time frames) to RT in the past, will
try to post some again as I see them.
Earl
----- Original Message -----
From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, May 08, 2001 2:36 PM
Subject: Re: [RT] WHY...Trading Profession?
>
> This sounds pretty good, I am tired of looking at indicators. So, do you
> trade off of a quote sheet? Cause price is not a bar, or candlestick, or x
> and o, or line. Price is a number, and charts are indicators. What is the
> technique for trading price action? I know someone who actually does it,
but
> I don't understand how he does it. Will you explain it?
>
> Thanks,
>
> Michael
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