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Strategies & Market Trends : Classic TA Workplace

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To: augieboo who wrote (44344)	7/4/2002 2:37:04 PM
From: TraderAlan	Read Replies (1) of 209892

I think its suicide to trade a H&S blind "just because" the pattern has completed. You have no risk parameters to place a stop loss (ie how high can it wiggle around before breaking the neckline, how much can it rally into the neckline after it breaks it, etc). Some patterns lend themselves to blind entries. A low volatility set up, for example, where any bar expansion against you is bad news. Patterns don't make trades. You have to outline a logical strategy to execute any setup, whether its based on a common pattern or your own observations. When someone makes a statement like the one you quote, it fosters the illusion of the holy grail in TA. The ones hurt the most by that kind of nonsense are the ones with the least trading experience. I never met Bulkowski. Last month in TASC he mentioned a pattern I named from scratch (the adam and eve top/bottom), and acted like it was his own invention. So this guy has been rubbing me the wrong way. Alan (the MST guy)

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