Draon Textbook example
The chart shows a textbook example of a Dragon pattern with target at 100% of the range for Crude Oil daily bars...I will look for some failed patterns too and will tell you if I believe we have some means of differentiate beforehand between them..will try to find actual ones that we can trade live or forward demotrade.
Thanks for starting this thread...I have always been interested in trading price patterns.
I ordered the book this evening.
I may be getting ahead of myself but are there any plans to program recognition of these patterns into MT4?
Rick,some of the patterns are easily codifiable,others not so,personally,I am a manual trader so,it is not a priority..my priority is to show a few of the patterns and try to devise how to use them
better,filtering out the situations where they have low probabilities of success.If this endeavour is successful,I presume it could attract the support of coders in order to automate their recognition.
We have a Dragon at GJ m5..I entered a short at 212.59 ,stop at 212.95..target 212.25...let`s see if it works or not...additionally we have a potential dragon at m15 too,buy this latest is not yet developed.
Please see attached
Trade was stopped out at a loss of 36 pips..I love to check why something failed...I don`t have an answer yet..BUT..potential reasons:
1-M5 is too noisy a tf...Not so..."all markets and timeframes"
2-trend?..I define the trend using the stlm2..so,I checked both m5 stlm2(supported the trade)..and the inmediately higher,m15..was against the trade..check pic...so,we have a potential way of improving the pattern(starting hypothesis..higher tf trend must be supportive?)..let`s see.
Additionally,we still have a potential Dragon in the making for GJ M15..so,we will probably be able to test this pattern again,very soon.
If you find any Dragon "in the making" or already made,please feel free to post it.
Congratulation Simba on the thread, there is always something good and useful to learn from you, I am happier that Oily was banned “even though it’s for one week "
I am looking forwards to see your comments on the patterns
I use pattern follower too especially 123 pattern , I think higher TF can be more accurate like day or week ...is it right ?
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