Posted by parkridge77 on 23rd of Oct 2012 at 03:51 pm
3 pattern push question- Steve & Matt- when is
this pattern confirmed? I am looking at ITW & it
does have 3 pushes-- but sometimes the more touches on a
trendline- the more likely it is to break out or break down.
So what confirms a 3 pattern push- is it only a rear view
mirror call ? thnx
parkridge - you could short on a reversal pattern after the 3rd
push, wait for a break of the 9 EMA, or a break of a rising wedge
pattern. Normally, the first move down is a trade to be followed by
a lower high which offers a swing trade setup. This is an
example of what I discuss in my tutorials.
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3 pattern push question- Steve
Posted by parkridge77 on 23rd of Oct 2012 at 03:51 pm
3 pattern push question- Steve & Matt- when is this pattern confirmed? I am looking at ITW & it does have 3 pushes-- but sometimes the more touches on a trendline- the more likely it is to break out or break down. So what confirms a 3 pattern push- is it only a rear view mirror call ? thnx
parkridge - 3 push pattern
Posted by steve on 23rd of Oct 2012 at 03:57 pm
parkridge - 3 push pattern normally represents a wedge. ITW is not exactly that with the second push failing to make a higher high.
thnx steve- so when do
Posted by parkridge77 on 23rd of Oct 2012 at 04:03 pm
thnx steve- so when do you say 3 pattern push is confirmed or what would be the trigger for that pattern to go short? thnx
parkridge - you could short
Posted by steve on 23rd of Oct 2012 at 04:08 pm
parkridge - you could short on a reversal pattern after the 3rd push, wait for a break of the 9 EMA, or a break of a rising wedge pattern. Normally, the first move down is a trade to be followed by a lower high which offers a swing trade setup. This is an example of what I discuss in my tutorials.