Old School Patterns

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If you see any old school patterns such as, Heads & Shoulders, Ascending & Descending Wedges, Flags & Pennants, Double & Tripple Bottoms & Tops, Channels, Triangles, etc.... please post them here.

 

EURGBP, H4, Double Bottoms. Buy when Stoch (14,3,3) crosses up and over level 23.6. Watch out for Bear Trap. Warning: this pair is very slow in moving. It'll take days to go up.

http://i43.photobucket.com/albums/e390/freelancer2k/forex/eurgbp06052007a.gif

 

Watch this pair

 

Bull flag? Daily resistance #1 becomes the support.

 

Good idea and good work.

there is an tool from IBFX that draw these patterns I though you might be interested !!

http://www.interbankfx.com/trading_tools/ibfx_gps.php

 

I missed this one. Bull flag. Oh well.

Files:
gbpchfbullflag1.gif  4 kb
 

Watch EURUSD, H1, reverse head & shoulder pattern. For Thursday, 6/14/07.

 

hi

messenger:
Good idea and good work.

there is an tool from IBFX that draw these patterns I though you might be interested !!

http://www.interbankfx.com/trading_tools/ibfx_gps.php

is there any free pattern scanner software out there ?

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Forex Indicators Collection

 

The wedges are your friends

I use wedges very often. They are probly the most accurate at identifying where and when a break out will occur. And use high time charts for direction.

DAve

 

Heres current example. We are in the last leg of a 3 drives pattern inside of a decending expanding triangle. And wave 4 of 3. Which should correct down to the blue box at 68.1 and or 76.2 at bottom trend line. Wave 5 of 3 of c will retest the high. That leg I'll sit out and wait for either break or failer of resistance.

Note: Position was from top trend line, closed to lock in profits and re opened half size at current location. (always take caution against the trend. and be ready to hedge, or reverse direction.) I will be looking for wave 5 to truncate and fail at next top trend line test.

Dave

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