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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!
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To: Chip McVickar who wrote (5014)6/6/2000 1:49:00 PM
From: Patrick Slevin  Read Replies (1) of 7434
 
The charts are days that line up closely with action that has been "in the market". It's a relationship of looking at the past to visualize the future.

The charts he posts aren't meant to predict, just to show what the markets have done before when the patterns led into "this" day. In other words, it's to provide you with a visual concept of how the day could play out. So, you look at the charts, then as the day moves on you know to throw out some.

They are labelled in such a way to make it easy to store them in a database. The manner of calling them A or V shaped is just easier to put across. If I were talking to Peter, for example, I would call an A Shape a three point day......in other words, an early low point then a mid day high point then a late day low point. A straight up day is a 2 point day. Low, then High. Peter learned the technique from one of Wilder's books, so it's the same stuff just a different manner of getting the idea across.

I learned it from Wilder's stuff, then it clicked when I learned it from Camp. I went to see Patterntrading once or twice for other techniques (as a matter of fact he's been here as well), but that's what his charts are based on.

Just a roadmap. Not a hard and fast dictate. If you aren't flexible then you can get kilt.
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