Fdisk
Please I just want a few pips.
Is that too much to ask?
i just brought up this, cause my trading is centered around double tops/bottoms for quite some time now...that was before i even noticed this article...but i have to say, that i also take the "2 B test of top/bottom" labeled by trader vic and the 123 high low labeled by joe ross into what i call double top/bottom pattern..so, for me this is a pattern with different variations and my core approach is to exploit this single pattern
but, i would say, the trick on this pattern is the right "context" of course...
example...lets take a look at euryen on the daily chart... since january, there where three 2b test of top pattern, incl the last one...i bought yen above 15900 acc to my method and was quite lucky..anyway, day in day out, there are numberless DT or DB occuring on any timeframe
anyway, i think that for some newcomer, who is interessted in trading on price pattern, the double top/bottom is worth a close look
of course there are other pattern worth taking a look at
but, i would say, the trick on this pattern is the right "context" of course...
example...lets take a look at euryen on the daily chart... since january, there where three 2b test of top pattern, incl the last one...i bought yen above 15900 acc to my method and was quite lucky..anyway, day in day out, there are numberless DT or DB occuring on any timeframe
anyway, i think that for some newcomer, who is interessted in trading on price pattern, the double top/bottom is worth a close look
of course there are other pattern worth taking a look at
- #14
- Edited 9:21pm May 4, 2008 8:59pm | Edited 9:21pm
- Joined Sep 2006 | Status: Chasing Trends | 2,339 Posts
i just brought up this, cause my trading is centered around double tops/bottoms for quite some time now...that was before i even noticed this article...but i have to say, that i also take the "2 B test of top/bottom" labeled by trader vic and the 123 high low labeled by joe ross into what i call double top/bottom pattern..so, for me this is a pattern with different variations and my core approach is to exploit this single pattern
but, i would say, the trick on this pattern is the right "context" of course...
example...lets take a look at euryen on the daily chart... since january, there where three 2b test of top pattern, incl the last one...i bought yen above 15900 acc to my method and was quite lucky..anyway, day in day out, there are numberless DT or DB occuring on any timeframe
anyway, i think that for some newcomer, who is interessted in trading on price pattern, the double top/bottom is worth a close look
of course there are other pattern worth taking a look at
which one would be a trader vic trendline? I have attached a pictur below. Why do i question this? Basically i can't fathom how to intepret his explanation, just by looking at the chart below, but he said,
For a downtrend, within the period of consideration, draw a line from the highest high point to the lowest minor high point preceeding the lowest low so that th eline does not pass through prices in between the two high points. Extend the line past the lowest high point downwards.
So the red trend line completes the first rule; "draw a line from the highest high point", but it only gets broken when the price action makes a higher low and it does not connect to the "lowest minor high preceeding the lowest low". So can we conclude that the red TL is invalid. It does seem to me that the blue TL seems to be a more valid trendline BUT it does not meet trader vic's first rule which is to draw the line from the Highest high, or does it?
from what i can gather is the best trendlines to do the 1-2-3 setup for fx, scrap the first rule of highest high or lowest low and just use his second rule, i.e. just eyeball the lowest low and the swing created before it, exampled in the blue trendline below. What do you think?
