I'm calling it the sombrero.

[Mr. Charts]

c_v,
The initial apparent down move on your chart was unreal and related to tiny volume an hour before the market proper opened. That initial candle had volume of 2100 whereas when the market actually opened the first candle was 229,000. This presented a misleading picture.
The market then chopped around in a range until there was a volatility break out (one of the set ups I've been using and teaching for almost a decade).
Why did it happen? Simple, stories crossed the news wires that there were enough votes to get Boehner's bill through - and then Obama started his address with hopeful remarks.
Richard

 

[TheBramble]

Off topic Richard. An informative post, but no lulz.

Mods - please have a word.

 

[Pazienza]

I wouldn't hold longs over the weekend either. WAY too much risk either way for my taste.

Peter

Oh sure, you might get some funkiness before it all comes out. Hence why I took my sweetness at 1300. Big round number, pivot, serious flip zone going back to when Moses was in short trousers and solid latest support just broken today. I never hold over the weekend in any case on this type of trade.

Too easy, dude.

 

[Mr. Charts]

Well, now that a lulz merchant has self-immolated there's a bit of room for the occasional lulz free zone.

I've already had a post edited by a mod today for mentioning the name of a multi-nicker........no doubt he complained about me.

 

[Mr. Charts]

c_v,
Not such a clear pattern when you look at this which has UK timings and volume.
Richard

 

[Pazienza]

Well, now that a lulz merchant has self-immolated there's a bit of room for the occasional lulz free zone.

I've already had a post edited by a mod today for mentioning the name of a multi-nicker........no doubt he complained about me.

Who is complaining about Mr Charts?

Give me his name. That sonofab1tch will be lucky if he just gets away with a beheading.

 

[wackypete2]

Yes, I am a trading genius and yes, my schlong is long.

Ahhh, so you ARE holding your long(s).

Peter

 

[Pazienza]

Ahhh, so you ARE holding your long(s).

Peter

I need some help to be honest, it's a two-person job. You get it at one end, man that's a lot of leverage.

 

[Mr. Charts]

Who is complaining about Mr Charts?

Give me his name. That sonofab1tch will be lucky if he just gets away with a beheading.

It's in the line of mine you quoted........

 

[amit1986]

Glad to finally see some trading related discussions happening on T2W

 

[scose-no-doubt]

Glad to finally see some trading related discussions happening on T2W

where are your threads, mr pop-in-pop-out-every-now-and-again?!

 

[counter_violent]

c_v,
Not such a clear pattern when you look at this which has UK timings and volume.
Richard

Mr.Charts

Why is your gif called c_v diamonds ? :-0

 

[bbmac]

Price falls to point a. there are buyers - a pullback occurs that is sold at point b. to anew low at point c...buyers re-emerge at point c and price makes a H above the last LH at point b (this is significannt,) --even before the buyers outnumber the sellers at point c we can see there are buysres in the visinity at both point a and more recently at points i, ii and iii. Buyers Re-emerge at point e as price dips from point d, encouraged by the buying pressure and the H above the last LH.

It is a repeating reversal pattern and point d exceeding point b is very important in it.

G/L

 

[counter_violent]

Price falls to point a. there are buyers - a pullback occurs that is sold at point b. to anew low at point c...buyers re-emerge at point c and price makes a H above the last LH at point b (this is significannt,) --even before the buyers outnumber the sellers at point c we can see there are buysres in the visinity at both point a and more recently at points i, ii and iii. Buyers Re-emerge at point e as price dips from point d, encouraged by the buying pressure and the H above the last LH.

It is a repeating reversal pattern and point d exceeding point b is very important in it.

G/L

Nice work Stewart. So are you happy with the new name?

 

[bbmac]

Lol, ¡sí, mucho!

Nice work Stewart. So are you happy with the new name?

 

[counter_violent]

Last night from 8.30pm until just after 9.00pm I was speaking to Barjon about this enormous bearish wedge that had been forming throughout the session. No surprize what happened next then after the session close and into Asia. chart1

Taking into account Mr.Charts post ref low volume...there are three verticle lines on the chart where unusual price activity took place. Perhaps he can examine these areas and let us know if the volume was unusual / thin.

-------------------------------------------------------------------------

C_V Diamond. This is something I talked about yrs ago and I would be very surprized if anyone remembers it. As it just so happens, it occured today. chart2

The idea is, price makes a rapid move to a new extreme and an equally rapid reversal taking out the start price and travelling way beyond. Once you are happy that the reversal move has finished, you can take a trade back to the 50% retracement line.

 

[Mr. Charts]

Mr.Charts

Why is your gif called c_v diamonds ? :-0

c_v = abbreviation of your nick.
diamonds = name of DOW ETF aka "diamonds"

 

[counter_violent]

c_v = abbreviation of your nick.
diamonds = name of DOW ETF aka "diamonds"

Strange coincidence indeed cheers

 

[Mr. Charts]

Not at all.
I took the image later in the day to illustrate the insignificance of the pre-market action and how that volume meant nothing but can produce misleading candles.
So I needed to call the image something and what was more appropriate than your moniker and what the trading instrument was.

 

[counter_violent]

Not at all.
I took the image later in the day to illustrate the insignificance of the pre-market action and how that volume meant nothing but can produce misleading candles.
So I needed to call the image something and what was more appropriate than your moniker and what the trading instrument was.

Yep sure I get ya. The co-incidence bit was reference to the two extreme reversals which make up part of the diamond pattern, that was all