I'm calling it the sombrero.

counter_violent

counter_violent

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Probably not a new pattern but unless someone can tell what it is ...i'm claiming it :LOL:
 

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Trader333 said:
How do you go about trading this new pattern ?


Paul
Click to expand...

Well, thats what were here to find out:)

Seen it a number of times now and have noticed that price is ejected out of the pattern in quite a violent manner. It's as if there is some kind of pressure building internally.

Ok best get hunting for more examples.
 
wackypete2 said:
I'll take a look at it after I take my siesta.

Peter
Click to expand...

:)

So, based on previous sightings, all the price pressure seems to be upward hence the price slant. Here's what i took out of it, leaving plenty on the table.
 

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one entry would have been when it cleared the high of the very long red bar. You would look for it to then close the gap.

Peter
 
I wouldn't have drawn the channel lines as you have them, CV. Too messy.
Most charts and instruments look ugly this week.

Peter
 
wackypete2 said:
I wouldn't have drawn the channel lines as you have them, CV. Too messy.
Most charts and instruments look ugly this week.

Peter
Click to expand...

Yeah, they ain't sposed to be channel lines as such...just highlighting the body of price action and angle of same.
 
counter_violent said:
:(

175/5 exit 12166
160/5 exit 12172

:)
Click to expand...

I played the first one (the one in your first chart) this afternoon so to speak. I took the set up on ES (very similar look but better in my opinion), but the lower spike was a nice bullish outside bar looking at a 15 minute chart. I got in at just over 1288 and out just below 1300. This was after getting a small profit short on TF earlier. That put me just over 20% for the month (not counting compounding).

Check the ES chart and see where it hit before reversing quite sharply. Yes, I am a trading genius and yes, my schlong is long. :)
 
counter_violent said:
Yeah, they ain't sposed to be channel lines as such...just highlighting the body of price action and angle of same.
Click to expand...

I guess there's a lot of profit taking and covering going on today. Would you want to be holding shorts over the weekend with the announcement that's coming?
 
Pazienza said:
I guess there's a lot of profit taking and covering going on today. Would you want to be holding shorts over the weekend with the announcement that's coming?
Click to expand...

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

Peter
 
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