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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!
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To: Chip McVickar who wrote (5004)6/6/2000 12:43:00 PM
From: Patrick Slevin  Read Replies (3) of 7434
 
Nimble. You have to know what the pattern is doing, as it's doing it.

If you were expecting one pattern but the day's action violated the spirit of the pattern then you have to re-adjust.

If I recall, PatternTrading had it as an up day. Well, now I havta go look..........

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If you look at the first two charts, they fit in with what could be categorized as a straight up day (the first one) or else a day that looks a bit like an A Shape with a tail on the end of the second one. The straight up one you find your lows early and highs late. The A Shape has the Lows Early and Late with the High around mid-day. The A Shape with a tail is the same except it runs up hard in the last hour or so.

Here, 71.50 was an early High so we wanted to see that broken mid-morning, mid day to maintain the "shape" of the pattern. Else, because 71.50 hit so early (10:05 Eastern) the pattern may have slipped into one of his down patterns if a new High wasn't created.

Does that make sense? The patterns, as I am describing them, take some time to visualize. I think Scott reads them well, now. But it took him a long time......I'm quite certain he thought I was kidding him most of the time.
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