Thank you for the updates. Just going by some basics about patterns it is interesting to see that over the last 10 years there were two cup and handle patterns on the weekly chart. And using the basic theory that the price will generally advance about the same size as the deepest part of the cup formation once it breaks to the upside, at this point it has reached both targets.
So I wonder if we are at the point of forming another cup pattern to give us another measurable target? Because it looks like all measurable targets have been reached.
Would be nice to see if anyone has any thoughts on the topic of measurable targets. I also find it interesting how the top and bottoms of the swing highs and lows often set up future trend line supports and resistances.
I have been doing a lot of back testing on a 1:2 risk/reward formula that I noticed was being mentioned a lot on youtube videos.
Basics: 1. Trendline break (trendline must be tested at least 3 times) 2. Full candle above trendline is a signal to watch for continuation at least 2-3 candles following the full break. 3. The risk is the price of .10 above the full candle break (the buy trigger) minus the last swing low. 4. The exit target is the risk price multiplied by 2 then added to the buy trigger.
I know it sounds confusing, but I find that it works pretty well, so I thought I would share some examples. One of my biggest weaknesses is selling too soon! So I am just trying to find something that can keep me in the trade a little longer. I tend to trade it mostly on the 60 minute chart, but it often works on the 4 hour and daily as well.
TVIX 60 minute chart
waiting for the follow through 2-3 days later can help avoid false breaks
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