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Originally posted by New-born baby
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I use tails as indicators of potential market structures (high/Low). Not sure what the manuals say about them though.. In fact I view a topping tail as a bullish failure. To me this simply means the bulls could not hold up the price. Or you could think of it as the buying energy is showing signs of weakness. Just me though and not sure if my view point is in your books or not!! -
Chart shows good example of weakness after top tails. Could be wrong thouOriginally posted by spikefader
humbly, thanks dude. Wow, he's brave....or knows sumfin! 
ZICA: Boy, only price support and a couple of bullish daily candles there. Not good enough for picky stalkers. R/R is pretty good though. Long at 2.10 with 1.95 stop to target 6.50 is risking 7% to make 209% is r/r of 30! But it's a gamble, and the likelihood of losing the 7% should be high enough to make anyone walk away from the trade. Here are some charts for it, and I'm sure you've spotted all this stuff. Based on the chart today I think it's headed to zero, as does the current P&F price objective at stockcharts.
If it's lucky enough to get back to 2.50, that will be VERY strong channel resistance and may be as good as it gets. The bull will need to step up soon and do some impressively bullish things before I'd change this view. But hey, wouldn't be the first time it's happened! Maybe their numbers will surprise and give it the kickstart it needs...
Have a great week Tom!Comment
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NB,
All of these patterns are up for interpretation by the person doing the analysis. Who is to say who is right or wrong in the way they see a chart or pattern. My feelings are that the closer you get to the true definition can only be that much better for your own sake, but I violate that concept as much as anyone else when it feels better to do so. That brings up what is the true definition of any of the patterns we deal with everyday. I can only speak for myself an offer my opinion but the real truth is in how the position goes once you are in it. Then your analysis takes on a bigger meaning. When they turn out to be winners the initial analysis always looks like the right one and visa versa. The only true factor lies in honoring your strategy and plan, living within those parameters, and not deceiving yourself about the outcome. Good luck.THE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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Yea, ain't it great. My fame grows every day.Originally posted by spikefader...and letting Webs have a thread...
Yup, I can just feel the love dude.
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Sorry dude, that's your teachings, and I sure didn't want to express that you were careless. I thought you were merely drawing the lines quickly. OK, as to whether that's outdated thought, I dunno. Maybe?? Here's my thinking:Originally posted by New-born baby
Personally I don't like to ignore the tails and spikes because I think they are relevant. It's price action that can show tests of support and resistance, and I think those tests are very valid and should be considered. By using open and closing values only you are filtering a LOT of information. Just because it's a fast move that forms a daily spike doesn't make it invalid. If you have 2 tails that form a W but have very different closing values doens't make the W invalid, it just means your system doesn't 'see' the W. I think if you are into patterns like triangles, you HAVE to use all data to form your TA. Otherwise it's incomplete. I'd be interested to see if the 2 methods applied to patterns show one more reliable than the other. Anyone made observations about this one? Does a triangle based on open/closing values prove more effective? If it is, then maybe I'll question my own practice.Comment
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Yeah ski, I agree. Just because some old fart writes about it in a book, or a group of believers for that matter, it doesn't change the fact that there is more than one way to skin a cat and that the intent is to get consistency in your methods, whether they fall into commonly accepted/broadly believed in methods. I take things that I see to be consistent and use them. That's in the face of broadly accepted concepts. EW is one example. I'm not a purist, but it doesn't mean what I do is 'wrong'. Beauty is in the eye of the beholder, and an ascending triangle or rising wedge, or broadening, or SHS or double top with tails and spikes that line up perfectly is a beautiful sight to MY eyes. Or the 12345abc c entry is a beautiful thing to MY eyes. But in the broader EW world, I'm some ignoramus that isn't smart or committed enough to study complete EW and apply it. Am I an ignoramus if I apply my simple interpretation to make money? Or would I be smarter to apply the entire EW school of thought to my trading and make less money? I know I'd be a fool! heheOriginally posted by skiracerComment
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Check out ENER (short)!
What an entry!.... The only thing better than a good short play is a bunker Goji berry harvest!
BEEF!... it's whats for dinner!Comment
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Nice entry on that POTW TASR short SPIKE!!!!..... Hey! how many pounds of GoJi berries do ya want me to put you down for dude? price breaks @ 500 and 1,000 pounds.Originally posted by spikefaderVeryNnice dude! Congrats.
But chart as of this minute.....
BEEF!... it's whats for dinner!Comment
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