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Super Patterns

  • #1
  • First Post: Nov 20, 2007 3:36pm Nov 20, 2007 3:36pm
Patterns are highly reliable.

Let dissect patterns in all currencies pars

I missed today perfect pennant pattern in EUR/USD as it was not the pair i trade often.

Now looking into all currency pairs and going solely on patterns.

Common notable chart patterns are :-

* Double Top (Reversal)
* Double Bottom (Reversal)
* Head and Shoulders Top (Reversal)
* Head and Shoulders Bottom (Reversal)
* Falling Wedge (Reversal)
* Rising Wedge (Reversal)
* Rounding Bottom (Reversal)
* Triple Top (Reversal)
* Triple Bottom (Reversal)
* Bump and Run Reversal (Reversal)
* Flag, Pennant (Continuation)
* Symmetrical Triangle (Continuation)
* Ascending Triangle (Continuation)
* Descending Triangle (Continuation)
* Rectangle (Continuation)
* Price Channel (Continuation)
* Measured Move - Bullish (Continuation)
* Measured Move - Bearish (Continuation)
* Cup with Handle (Continuation)

At the moment there is a wedge formation in 4H and daily chart in GBPJPY ..it could probably be a buliish breakout above 232 mark in couple of days..
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 21 KB
Attached File(s)
File Type: mq4 Volume SEC.mq4   3 KB | 2,202 downloads
File Type: ex4 #Signal_Bars_v6.ex4   54 KB | 2,268 downloads
  • #2
  • Nov 21, 2007 3:48am Nov 21, 2007 3:48am
WOOOPSSSSSS.....looks like it was the bearish wedge...read the pattern wrung in daily chart ...
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 20 KB
  • #3
  • Nov 21, 2007 3:58am Nov 21, 2007 3:58am
Quoting spiderforex
Patterns are highly reliable.
Quoting spiderforex
Whoops...


My tidbit of advice is to use patterns only as secondary confirmation for a robust trading signal generated by a trading system.

Bob
  • #4
  • Nov 21, 2007 4:10am Nov 21, 2007 4:10am
Quoting bobblong


My tidbit of advice is to use patterns only as secondary confirmation for a robust trading signal generated by a trading system.

Bob
Yup...actually..i read the chart wrung...more experience needed in this direction..however after the pattern is established..there is a very high trading activity..as we are seeing now in GJ..we could see it going down further to 221 area
  • #5
  • Nov 21, 2007 7:17am Nov 21, 2007 7:17am
Quoting spiderforex
Patterns are highly reliable.

Let dissect patterns in all currencies pars

I missed today perfect pennant pattern in EUR/USD as it was not the pair i trade often.

Now looking into all currency pairs and going solely on patterns.

Common notable chart patterns are :-

* Double Top (Reversal)
* Double Bottom (Reversal)
* Head and Shoulders Top (Reversal)
* Head and Shoulders Bottom (Reversal)
* Falling Wedge (Reversal)
* Rising Wedge (Reversal)
* Rounding Bottom (Reversal)
* Triple Top (Reversal)
* Triple Bottom (Reversal)
* Bump and Run Reversal (Reversal)
* Flag, Pennant (Continuation)
* Symmetrical Triangle (Continuation)
* Ascending Triangle (Continuation)
* Descending Triangle (Continuation)
* Rectangle (Continuation)
* Price Channel (Continuation)
* Measured Move - Bullish (Continuation)
* Measured Move - Bearish (Continuation)
* Cup with Handle (Continuation)
You cannot predict the future by recognizing the super patterns in Forex.

!
Trainee at UBS Investment Banking
  • #6
  • Nov 21, 2007 7:57am Nov 21, 2007 7:57am
Quoting th_ngue21
You cannot predict the future by recognizing the super patterns in Forex.

!

However, pattern trading is hardcore and raw...combined with fib's , s&R its quite effective...in this case.....i got it wrong...pattern was always present....its just the experience to interpret it correctly
  • #7
  • Nov 21, 2007 11:01am Nov 21, 2007 11:01am
What is a pattern really though? A triangle is a trend line and a support line independently. The fact that they create a triangle is not the important part, it just identifies a potential breakout in the direction of the prevailing trend.
  • #8
  • Nov 21, 2007 3:14pm Nov 21, 2007 3:14pm
Quoting Ted1983
What is a pattern really though? A triangle is a trend line and a support line independently. The fact that they create a triangle is not the important part, it just identifies a potential breakout in the direction of the prevailing trend.
patterns are more reliable in higher time frames..so if in 4h or daily we see a pattern forming..the trade could be executed
  • #9
  • Nov 21, 2007 4:36pm Nov 21, 2007 4:36pm
I agree.
  • #10
  • Nov 21, 2007 4:41pm Nov 21, 2007 4:41pm
Quoting th_ngue21
You cannot predict the future by recognizing the super patterns in Forex!
This is an opinion.
The basis of a democratic state is liberty. ~ Aristotle
  • #11
  • Nov 21, 2007 5:01pm Nov 21, 2007 5:01pm
Nice indicator thanx
  • #12
  • Nov 21, 2007 5:10pm Nov 21, 2007 5:10pm
Quoting Vensik
This is an opinion.
I rather say it is an opinion that one can predict the future based on patterns.
  • #13
  • Nov 21, 2007 5:37pm Nov 21, 2007 5:37pm
Quoting SunTrader
I rather say it is an opinion that one can predict the future based on patterns.
Saying it can be done is an opinion as well, but it only takes one successful pattern trader to prove that opinion. I know several.

I'm defining successful as profitable for several years now, retired from careers to trade full time and loving life.
The basis of a democratic state is liberty. ~ Aristotle
  • #14
  • Nov 21, 2007 6:40pm Nov 21, 2007 6:40pm
Everything is opinion without unbiased actual verifiable proof.

But all that matters to a trader is whether they make money with it.
  • #15
  • Nov 22, 2007 5:50am Nov 22, 2007 5:50am
AUDUSD has also broken the strung resistance level and looks like its going to fall hard..there was a bearish triangle formation already and it went down..

CADJPY has already broken the critical resistance yesterday and has since not gone above it..so the fall was not a mistake and looks like in coming days...its gonna go big time down...

AUD/JPY, GBPJPY, EURJPY all are very similier in formation and could fall hard in ciming days


USDCAD pattern looks like has a bullish pennant formation and its starting to blow up side to above 1.01 mark



All JPY currencies are set to crash big time as seen from multiple charts and from videos in pfx and the dow breaking its critical resistance level 12850 and reviews from other analyst looks like markets crash will go hand in hand with JPY
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: cadjpy.gif Size: 17 KB
Click to Enlarge Name: usdcad.gif Size: 21 KB
  • #16
  • Nov 26, 2007 9:17pm Nov 26, 2007 9:17pm
Hey guys,

M15 cup-with-handle trying to breakout as I type in the GBP/USD.

Pattern is a bit deep and sharp, but I have found this doesn't matter so much in forex

Sorry, don't know how to post chart
  • #17
  • Nov 27, 2007 12:27am Nov 27, 2007 12:27am
GBP/USD Cup failed to break. Price is now forming rising wedge. Bear breakout target = 2.0650, Bull breakout target = 2.0830-50 area
  • #18
  • Nov 27, 2007 12:45am Nov 27, 2007 12:45am
Instead of concentrating on some dumb formations on the charts you should rather understand WHY the price has formed this , without understanding the fundamental reasons it will not work consistently
  • #19
  • Nov 27, 2007 1:00am Nov 27, 2007 1:00am
Sorry mate, but I don't remember putting in my posts that I don't consider the meaning behind the pattern when making my trading decision.

I consider this particular rising wedge to be quite nutural and likely to go either way, hence the bear and bull target. Remember, one of the driving forces in the market is TA itself, so even if you can't draw to much meaning out of a pattern, you do at least know that there will be plenty of others looking at the same thing as me, ready to act in a predictable manner.
  • #20
  • Nov 27, 2007 1:29am Nov 27, 2007 1:29am
one day i saw someone write "the pattern is nice" and it instantly inspire me to wipe all that pattern name, ,and simplify it to that nice / not nice pattern.

it works well for my brain, less name, more space for other thing.....

yes it works , (at least for me), so it will translated as nice bull / nice bear
for xxx minutes/hour
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