Tuesday, August 26, 2014 2:37:15 PM
Here's a chart pattern play I haven't posted about lately. This one isn't in books, it's mine. And I use it for watch stocks which channel after a large price increase. They usually center channel at 38% FIBs.
I call it the Run/Retrace/Channel pattern and it is used to time channel length. Not direction. Since day 35 didn't continue down and a gap above filled today, with gaps above. I'm taking it as a positive for top channel break to 2.42 up side target, not 1.67 down side target.
SVLC
I Took small entry on gap play, possible channel breakout ahead, will go larger then.
The more you see something happen, the more you can rely on it !
I call it the Run/Retrace/Channel pattern and it is used to time channel length. Not direction. Since day 35 didn't continue down and a gap above filled today, with gaps above. I'm taking it as a positive for top channel break to 2.42 up side target, not 1.67 down side target.
SVLC
I Took small entry on gap play, possible channel breakout ahead, will go larger then.
The more you see something happen, the more you can rely on it !
Welcome to my mind!
Success to all
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