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Charles, it works in all time frames. I do reiterate, the trader can not be
inflexible about this ... markets can and do move without symmetry. If
symmetry is not forming up, odds are that the market is in a trading range
and other tools may be more suitable.
Earl
----- Original Message -----
From: "charles meyer" <chmeyer@xxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, June 13, 2001 1:09 PM
Subject: Re: [RT] SYMMETRY
> Earl:
>
> Does this also work on eod charts? Or, is this method more suitable
> to intra-day trading?
>
> Chas
>
> -----Original Message-----
> From: EAdamy <eadamy@xxxxxxxxxx>
> To: realtraders@xxxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxxx>
> Date: Friday, June 01, 2001 5:59 PM
> Subject: Re: [RT] SYMMETRY
>
>
> >Not sure, but you may be looking for something more complex than it is.
In
> >any event, it may have been a couple of weeks since I posted an
> explanation,
> >so here goes. The price ranges you cite were marked off in my post
> >"Symmetry - S&P 30 min" and follow-up "Symmetry - S&P 30 min (bingo!)"
both
> >posted on the 29th. Yes, the setup does have the general appearance of a
> >head and shoulders in all time frames I have posted from 2min through
> daily,
> >but this has nothing to do with the H&S pattern. Actually, my
> identification
> >and application are much more akin to William O'Niel's cup and handle
which
> >I have used in trading for many years.
> >
> >The application is quite simple, for example in the downtrend:
> >
> >1) every time a new low is made (e.g. 128350 on 24May) look to the left
of
> >the extreme high (131925 on 22May) for a pivot low which has been touched
> or
> >exceeded (e.g. 128350 on 18May. Draw a support line from that left pivot
> low
> >to the right (well into the future) - I often refer to this line as the
rim
> >as in a cup. Draw a resistance line from the major pivot high to the
> >immediate left of the pivot low (e.g. 129950 on 17May) to the right also
> >well into the future.
> >
> >2) wait for a significant retracement back above the support line toward
> the
> >resistance line (roughly halfway or more). If the resistance line is
> >exceeded by more than a couple of ticks, expect the reversal to hold and
> >price to continue to rally back toward the extreme high i.e. the decline
is
> >likely to fail. If the resistance line holds and price returns to the
> >support line aka rim, expect the decline to continue and reach targets
> below
> >the rim which are equal to 62% and/or 100% of the distance between the
> >extreme high and the rim. Sometimes I enter on the retracement and
> sometimes
> >on the return to the rim - just depends on how I feel about the setup. If
> it
> >helps, think of this retracement and return as a handle on the cup - what
I
> >have added to O'Niel's work is relating the pivots on the right side of
the
> >cup to the pivots on the left.
> >
> >3) there is a variation of 2) where price declines right through the rim
> for
> >a bit, retraces to the rim, then continues south. I enter these using a
> >limit order placed a few ticks below the rim.
> >
> >It's that simple, however not infallible. The nice ones are progressive
> from
> >a top or bottom as in the 2 minute chart I posted "Symmetry on 2 min
> >spoo.gif" which I trade off an afternoon low on the 30th. I generally
> prefer
> >price patterns to indicators because the information conveyed is
immediate
> >rather than filtered and symmetry is one I use quite a bit, but not
> >exclusively. I do find that when price is symmetrical it is easy to trade
> >and when there is little or no symmetry I had best stand aside.
> >
> >Earl
> >
> >
> >----- Original Message -----
> >From: "Bill Daniel" <bogeybunky@xxxxxxxxxxxxxx>
> >To: "REALTRADERS" <realtraders@xxxxxxxxxxxxxxx>
> >Sent: Friday, June 01, 2001 11:07 AM
> >Subject: [RT] SYMMETRY
> >
> >
> >> I have studied Earl's charts on symmetry and quite frankly often have
> >> trouble distinguishing the symmetry. I have the highest respect Earl's
> >> commentary and analysis as he is always thorough and thought provoking.
> I
> >> know that my problem is my own inexperience. However, the light bulb
> >seems
> >> to have come finally come on for me with regard to symmetry. I had a
20
> >> minute E-Mini S&P chart on the screen with 25 days of data. I
compressed
> >it
> >> down into the tightest format and it gave what appears to me as a
perfect
> >> example of symmetry.
> >>
> >> Around May 22 there is a nice double peak at about 1320. About 4-5
days
> >on
> >> either side there are corrections that peak around 1300. Then about
4-5
> >> days on either side of that the market level is down around 1250. Then
> >> looking to the left for about 15 days the market moved between a range
> >from
> >> about 1240 to 1280.
> >>
> >> Does this left range look like the left side of a Head and Shoulders
> >pattern
> >> with the right side just beginning to form?
> >>
> >> Would appreciate any realtrader comments on my observations.
> >>
> >> Thanks
> >>
> >> Bill
> >>
> >
> >
> >To unsubscribe from this group, send an email to:
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> >
> >
> >
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> >
> >
>
>
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>
>
>
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>
>
>
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