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 Platinum Customer
Joined: 4/17/2006
Posts: 271
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Hi, New to Dragons. How does WCRX on 9/4/09 look to you Dragon Slayers? Also new to posting charts, so not sure if this will work but here goes: http://s810.photobucket.com/albums/zz29/sharkattak/?action=tags¤t=Dragon Thanks for feedback!
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Registered User
Joined: 1/28/2005
Posts: 6,049
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sharkattak
You may be interested in this:
Thanks
diceman
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Registered User
Joined: 2/5/2006
Posts: 1,148
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not sure about a dragon, but it does qualify as a pennant.
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Platinum Customer
Joined: 4/17/2006
Posts: 271
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Thanks, Diceman. You are a jack of all trades....so to speak. 
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Registered User
Joined: 2/5/2006
Posts: 1,148
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maybe if you give it some ears and an eyeball it might qualify as a dragon.
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Registered User
Joined: 9/22/2005
Posts: 849
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sharkattack
A dragon consists of a neck (which may be one day long or may stretch for several days) with a triangle, flag. or pennant. WCRX satisfies those conditions with a flag.
BTW. It has broken the flag on the upside.
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Platinum Customer
Joined: 4/17/2006
Posts: 271
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QUOTE (funnymony) maybe if you give it some ears and an eyeball it might qualify as a dragon.
Funny$, did so for you here (still need to figure out how to post charts directly-have to get to diceman's link of instructions): tinyurl.com/nozc5l
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Platinum Customer
Joined: 4/17/2006
Posts: 271
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Thx for feedback, Bcraig...appreciated.
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Registered User
Joined: 6/6/2005
Posts: 1,157
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Sharkattak, that is a funny chart! Thanks for the laugh. Let me post it for you here:
Here's to hoping this one puffs in your direction. I do like the way it looks as a trade.
Happy trading.
David John Hall
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Registered User
Joined: 8/19/2009
Posts: 170
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its always amusing seeing all these new named patterns, indicators, etc.. since i heard a few people mentioning dragon patterns i decided to do a bit of investigation about what makes up the dragon pattern
- to qualify, must have tail extension, tail hook, tail, rear leg, back, front leg, head
- dragon head top should be near same high as tail or tail hook
- dragon head should not move below dragon back - staying above the back should produce a higher probability for breakout
3 targets involved when it comes to dragons
- top of head
- top of tail
- top of extended tail
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Registered User
Joined: 8/19/2009
Posts: 170
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oh yeah so long story short, according to the qualifications of a dragon.. it doesnt meet any requirements and because of it, it doesnt offer any set target points
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Platinum Customer
Joined: 4/17/2006
Posts: 271
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Thx, DJH! Glad you liked the chart elaboration. Will have to learn how to post. And IntoTheTrade, thx for feedback. I'll have to study DJH's lengthy strings explaining Dragon Hunting, Slayer strategies and such. He and others have offered lots of interesting info.
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Registered User
Joined: 7/1/2008
Posts: 889
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Here's what I look for:
A high volume breakout taking the stock to a new recent high, followed by a consolidation on low volume...a flag or pennant, or whatever. these consolidations usually last a couple weeks at least.
I then look for a decisive change in character...a high volume break out of the consolidation pattern.
its also a good bet to buy the stock upon the first low volume pullback to the breakout point. Since this was a breakaway gap on WCRX, I would buy this near $19 like it hit a couple days ago or if it happens to get close to it again.
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Platinum Customer
Joined: 4/17/2006
Posts: 271
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QUOTE (ben2k9)
I then look for a decisive change in character...a high volume break out of the consolidation pattern.
Its also a good bet to buy the stock upon the first low volume pullback to the breakout point. Since this was a breakaway gap on WCRX, I would buy this near $19 like it hit a couple days ago or if it happens to get close to it again.
Thx, Ben. I tend to have an itchy trigger finger. So the above suggestions are helpful. It almost sounds like a fractal: a very small dragon from the dragon's jaws before the real BO.
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