I'm calling it the sombrero.

[counter_violent]

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

 

[scose-no-doubt]

inverted H&S

 

[counter_violent]

inverted H&S

nope...the clue being in the one sidedness or angular slant.

 

[Shikamaroo]

looks like the "money thief" to me.

 

[Trader333]

How do you go about trading this new pattern ?


Paul

 

[counter_violent]

How do you go about trading this new pattern ?


Paul

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]

I'm calling it the sombrero.

I'll take a look at it after I take my siesta.

Peter

 

[counter_violent]

I'll take a look at it after I take my siesta.

Peter

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.

 

[scose-no-doubt]

where'd you get in?

 

[Hotch]

I'm calling it a messy trend channel which eventually gets a clean break, but then I'm awful at TA

 

[Pazienza]

inverted H&S

WTF Scose?

Anyway, it's just a bullish outside bar, or engulfing bar if you prefer.

 

[scose-no-doubt]

Same shape as H&S and worked the same way didn't it ya mug.

Anyway it's 5 o'clock

 

[wackypete2]

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

 

[counter_violent]

where'd you get in?

175/5 exit 12166
160/5 exit 12172

 

[wackypete2]

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

Peter

 

[counter_violent]

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

Peter

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

 

[wackypete2]

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

OK, got ya!

Peter

 

[Pazienza]

175/5 exit 12166
160/5 exit 12172

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.

 

[Pazienza]

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

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?

 

[wackypete2]

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?

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

Peter