Simplified / revised thread starter.
The purpose of this thread is to collect and organize repeating chart patterns. I'd like to focus on those less known patterns that still might occur frequently, for example the spike base pattern or the over-under pattern.
Some patterns do have entries/exits, some just tell whether the bulls or bears are in charge. Not all patterns are tradeable but all hold some valuable information. We're collecting both types here.
The patterns collected here might be new ones or just variation of old ones. This is not a trading journal, and yes, it's easy to be clever after the pattern has completed. But what has happened in the past, will happen again, so we can wait prepared.
Anyone is invited to post their patterns, just please remove the spaghetti from the chart. Make sure the pair, timeframe, date, price etc. are visible. If possible, use straight lines only - support, resistance and trendlines. Describe the pattern, how it can be recognized early. Does it have a trade in it, if yes, when to enter, when to close the trade.
An interesting pattern is the "Sign of weakness" described in this document.
I can't tell a clear entry point, but it definitely occurs when the end of an uptrend is near. A big break (1) that is quickly bought back, price even makes a new high (2) but then drops back below the range (3).
Happened on CAD and EG (attached) recently.
A tradeable intraday pattern, called by some "the turtle": (see attachment)
Price takes out former resistance (1) then closes back below the line (2). Go short, stop above the local high. The opposite: Price takes out former support (3) then closes back above the line (4). Go long, stop below the local low.
The purpose of this thread is to collect and organize repeating chart patterns. I'd like to focus on those less known patterns that still might occur frequently, for example the spike base pattern or the over-under pattern.
Some patterns do have entries/exits, some just tell whether the bulls or bears are in charge. Not all patterns are tradeable but all hold some valuable information. We're collecting both types here.
The patterns collected here might be new ones or just variation of old ones. This is not a trading journal, and yes, it's easy to be clever after the pattern has completed. But what has happened in the past, will happen again, so we can wait prepared.
Anyone is invited to post their patterns, just please remove the spaghetti from the chart. Make sure the pair, timeframe, date, price etc. are visible. If possible, use straight lines only - support, resistance and trendlines. Describe the pattern, how it can be recognized early. Does it have a trade in it, if yes, when to enter, when to close the trade.
An interesting pattern is the "Sign of weakness" described in this document.
I can't tell a clear entry point, but it definitely occurs when the end of an uptrend is near. A big break (1) that is quickly bought back, price even makes a new high (2) but then drops back below the range (3).
Happened on CAD and EG (attached) recently.
A tradeable intraday pattern, called by some "the turtle": (see attachment)
Price takes out former resistance (1) then closes back below the line (2). Go short, stop above the local high. The opposite: Price takes out former support (3) then closes back above the line (4). Go long, stop below the local low.
forget about tomorrow, just steal away into the night