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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!
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To: fut_trade who wrote (4550)5/8/2000 3:56:00 AM
From: Patrick Slevin  Read Replies (1) of 7434
 
That "V" "bottom" is called a bear wedge? Where can I read about that?

I never followed up much on "flags" or "wedges". I suppose there is a link somewhere where I can get a quick idea. Mostly, I look for triangles and points where the compression seems to occur. Channels are another pattern that I can visualize quite readily.

Glancing quickly at the SPX there is a potential triangle forming from the March High through the April High with the bottom leg coming off the October Low through the April Low. So that would suggest to me that the range this month should be between 1370 and 1500 else it would signal a breakout one way or the other.

Mostly when I look at pattern recognition systems I focus on a sort of wave cycle. Roughly a ten point wave that completes in time frames of 4. Four days for example. I expect Monday to have points 4 and 5 on the four day cycle of ten just for illustration. The points would suggest potential turns to me. I would expect point 4 to hit around 10 Eastern and point 5 to perhaps hit around 2 Eastern. So if it looked right I would trade in the direction of the turn after 10 and then if I was still around I'd fade the trade after 2 just for example.
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