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Question about Price Pattern

  • #1
  • First Post: Dec 12, 2008 2:54am Dec 12, 2008 2:54am
Hallo, I have marked a price pattern, but it is unclear for me. I need your help.

By this pattern the price makes NH and NL, but the NL are very deep and overlap the preceding NH and then comes a powerfull breakout. Sometimes that looks like a rising wedge but not always. The same is and in the downmove. Could someone give me any ideas or information. Thank you.

Here are the charts:


http://www.imagefreehost.com/files/1...0673048599.gif

http://www.imagefreehost.com/files/1...5674403808.gif

http://www.imagefreehost.com/files/1...9860564265.gif
  • #2
  • Dec 12, 2008 3:02am Dec 12, 2008 3:02am
What you witness here is nothing more than a uptrend/downtrend in all its glory. As you say, the definition of an trend is higher highs/higher low in uptrend and the opposite in a downtrend.
Measure twice, cut once
  • #3
  • Dec 12, 2008 3:41am Dec 12, 2008 3:41am
Quoting aediaz1
What you witness here is nothing more than a uptrend/downtrend in all its glory. As you say, the definition of an trend is higher highs/higher low in uptrend and the opposite in a downtrend.
Thank you for the answer
  • #4
  • Dec 12, 2008 3:44am Dec 12, 2008 3:44am
Quoting Happy68
Thank you for the answer
Not much of an answer I gave you, but not sure what more you're looking for
Measure twice, cut once
  • #5
  • Dec 12, 2008 3:55am Dec 12, 2008 3:55am
Quoting aediaz1
Not much of an answer I gave you, but not sure what more you're looking for
OK. Here is the detailed first chart. It was downmove with BO, Test of TL, correction and from this correction - rally up . How to know is it a pullback or uptrend.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 18 KB
  • #6
  • Dec 14, 2008 10:06am Dec 14, 2008 10:06am
Quoting Happy68
OK. Here is the detailed first chart. It was downmove with BO, Test of TL, correction and from this correction - rally up . How to know is it a pullback or uptrend.
Since I was watching this pair as well, here's my 2c. See what the breakout on the down move ran into? Seems like a retest of a previous resistance turn support on the 15m TF
Attached Image (click to enlarge)
Click to Enlarge Name: 15-12-2008 01-55-43 temp.jpg Size: 91 KB
I need to put up stop losses.
  • #7
  • Last Post: Dec 15, 2008 3:42pm Dec 15, 2008 3:42pm
why don't you show the volume in that chart too?? I think chart pattern and volume shouldn't be separated
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