GDX 15 min - horizontal rectangle pattern.
This pattern is discussed in the book Encyclopedia of Chart
Patterns, page 439, here's a link to the book
Please right click on the link and choose to save it to your
desktop then open the PDF, vs trying to open it directly in your
browser as it's too big and will take a couple min
Posted by frtaylor on 17th of Dec 2011 at 08:36 am
Cool book, first time I've had a chance to look at it.
Thanks for posting it earlier this month.
GDX has had the requisite number of touches on each border (at
least 2; it's got 3). The volume pattern has some peaks but
overall looks slightly downtrending, suggesting a downside break.
Bulkowski warns, though, that volume only correlates to
breakout direction a bit more than 50% of the time, so it's
only suggestive.
One thing to note is it's a 15 min chart, so the move will not
be anything like the daily charts Bulkowski shows as examples.
frytaylor- Nice
that you had to the time to finally take a look at that book
I bought a physical copy back in 2002, but nice that you can
just view it for free now. It's a little dated now, however I
think it's worth someone to read it because you will have a much
better understand of patterns and TA, and it's free. Also, a
lot of people tend to draw patterns too loosely, such as a couple
trendlines that look sort of like a ascending triangle and then
calling it that, even though it doesn't meet the definition of a
true ascending triangle. In my experience this is VERY
common, too many people are too loose in defining
patterns.
His updated version you have to buy of course and it's like 700
pages, which is just massive, really is an encyclopedia. I
don't not personally read that book however, though I wouldn't mind
having it on my desk as a reference to look something up.
Bulkowski's books can be kind of dry reading for most people
because they read like a dictionary/encyclopedia or a math book;
i.e. here's the facts, here'st he results, and here's the
conclusions, there are no trade stories or other filler material to
make it flow more like other books
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GDX 15 min chart rectangle pattern
Posted by matt on 16th of Dec 2011 at 02:52 pm
GDX 15 min - horizontal rectangle pattern. This pattern is discussed in the book Encyclopedia of Chart Patterns, page 439, here's a link to the book
Please right click on the link and choose to save it to your desktop then open the PDF, vs trying to open it directly in your browser as it's too big and will take a couple min
Encyclopedia Of Chart Patterns PDF
Cool book, first time I've
Posted by frtaylor on 17th of Dec 2011 at 08:36 am
Cool book, first time I've had a chance to look at it. Thanks for posting it earlier this month.
GDX has had the requisite number of touches on each border (at least 2; it's got 3). The volume pattern has some peaks but overall looks slightly downtrending, suggesting a downside break. Bulkowski warns, though, that volume only correlates to breakout direction a bit more than 50% of the time, so it's only suggestive.
One thing to note is it's a 15 min chart, so the move will not be anything like the daily charts Bulkowski shows as examples.
frytaylor- Nice that you had to
Posted by matt on 17th of Dec 2011 at 04:05 pm
frytaylor- Nice that you had to the time to finally take a look at that book I bought a physical copy back in 2002, but nice that you can just view it for free now. It's a little dated now, however I think it's worth someone to read it because you will have a much better understand of patterns and TA, and it's free. Also, a lot of people tend to draw patterns too loosely, such as a couple trendlines that look sort of like a ascending triangle and then calling it that, even though it doesn't meet the definition of a true ascending triangle. In my experience this is VERY common, too many people are too loose in defining patterns.
His updated version you have to buy of course and it's like 700 pages, which is just massive, really is an encyclopedia. I don't not personally read that book however, though I wouldn't mind having it on my desk as a reference to look something up.
Bulkowski's books can be kind of dry reading for most people because they read like a dictionary/encyclopedia or a math book; i.e. here's the facts, here'st he results, and here's the conclusions, there are no trade stories or other filler material to make it flow more like other books