Posted by chartboy on 24th of Jan 2022 at 03:26 pm
Edz…that was one of the two I am sure people could envision. I
would not consider either to be true HNS patterns.
Remember, the neckline of a true head and shoulders is
supposed to represent an important price level where there is major
resistance/support that is later broken. That break should then
result in a fairly predictable measured move, neither of those
patterns had those characteristics.
Juxtopse that to the actual pattern, which was the ABC and
you will see how quant programs could all be recognizing the
underlying wave counts and trading it.
The programs do that using the same program I do, which is
Demark’s D Wave Study, which unlike elliot is not subjective and is
fully quantifyable because the rules are slightly different.
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Edz…that was one of the
Possible inverted H&S on ES 5min Matt?
Posted by chartboy on 24th of Jan 2022 at 03:26 pm
Edz…that was one of the two I am sure people could envision. I would not consider either to be true HNS patterns.
Remember, the neckline of a true head and shoulders is supposed to represent an important price level where there is major resistance/support that is later broken. That break should then result in a fairly predictable measured move, neither of those patterns had those characteristics.
Juxtopse that to the actual pattern, which was the ABC and you will see how quant programs could all be recognizing the underlying wave counts and trading it.
The programs do that using the same program I do, which is Demark’s D Wave Study, which unlike elliot is not subjective and is fully quantifyable because the rules are slightly different.