Registered User
Joined: 8/9/2007
Posts: 10
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Does anyone else agree that EBHI is ending its ascending triangle pattern with the upside breakout? Any comments or suggestions are more than welcome.
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Registered User
Joined: 9/22/2005
Posts: 849
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I love these triangles. Thankx for calling it to my attention.
It looks good but it hasn't broken the top as yet. I would like to see it close above 9.05 with good volume.
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Registered User
Joined: 8/9/2007
Posts: 10
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What would you consider a good volume in this case as I bought mine at 9.00?
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Registered User
Joined: 9/22/2005
Posts: 849
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The average volume for the last ten daye has been 269000 shares, so I would think a good volume would be five to ten percent more. or 310000 to 325000 shares. Remember to multiply the shares shown on the chart by 100.
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Registered User
Joined: 3/21/2006
Posts: 4,308
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Stukov & Bcraig, If you guys like triangles (I already know that Bcraig does), Then check out IVAN. The strong BOP & Money Stream are good signals for a positive move soon.
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Registered User
Joined: 9/22/2005
Posts: 849
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apsll
There doesnt't seem to be as many triangles lately or I have lost my eye for spotting them. These two are the only ones I have seen for months.
I'll take a bite of Ivan as soon s he vlears the top of the tringle. Thanks.
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Registered User
Joined: 6/6/2005
Posts: 1,157
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Hey guys -- just thought I'd give my 2 cents...
I see 3 things on the chart...
1) If I look at a regular bar chart I see a rising wedge. A rising wedge in a downtrend is a bearish sign as the trend is supposed to continue at the end of the pattern.
2) If I look at a line chart of closing prices I see a nearly symmetrical triangle that has confirmed, albeit on low volume. (I seem to do better with patterns from line charts)
3) Looking at ADX I see it peaked a few days after the market bottom and that EBHI is rising in tandem with most of the market as indicated by the T2108.
Good luck. If I had give an opinion (which I will because it's the only way to learn) I'd say direction is up with a potential for a bear trap reversal due to the light volume. Nothing a stop-loss below the 10 day channell bottom can't help.
Good luck!
David John Hall
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Registered User
Joined: 6/6/2005
Posts: 1,157
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That should have been "bull trap" not "bear trap".
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 Gold Customer
Joined: 11/13/2004
Posts: 102
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DavidJohnHall- 3 questions
1) What are your formulas for the red line and the green line in the chart above?
2) How do you set your chart up so that it fits on the screen without extending off to the right with a bottom slider bar? I don't have PAINT_dot_exe on my WinXP.
3) How do you add the user details as you've done in magenta?
thanks
soc
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Registered User
Joined: 1/28/2005
Posts: 6,049
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Those who didnt see my original post.
May be interested in this. To create
automatic trendlines. (which help to
spot triangle patterns):
------------------------------------------
Fooling around (what else?) I came up with a
way to draw automatic trendlines.
It isn't always perfect but pretty good.
Make sure your top window just has just price so you
can see whets going on.
Click:
Chart template
add indicator
top
in the white box (indicator formula) enter:
MINL10
check "plot using price scale" and pick a color
you can see.
Click on the line you just added to the chart
and select:
add indicator
linear regression
period :30
(the other two values zero)
You should now see a LR line on the indicator
you created.
Go back in time on the chart and click the first
line you created.
select edit
uncheck the visible box
You should now just see the LR line.
-----------------------------------------------------------------
Create a second indicator.
Repeat the steps above except use:
MAXH10
add a 30 period LR to it and make
MAXH10 invisible.
(same as the first one)
--------------------------------------------------------------------
When finished you should have two LR lines on
your price chart only.
-----------------------------------------------------------------
Its possible there may be better ways to do this
and better lengths. this is just the first thing I
tried.
------------------------------------------------
Thanks
diceman
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Registered User
Joined: 6/6/2005
Posts: 1,157
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Hi Socrates,
Here are the answers to your questions:
1) Regarding the Donchian Channels, sometimes I create them in the center window or directly on the top price pane. These were done on the top window. The red line is the highest close over the last 20 periods and is created by the pcf:
maxc20
The line is set to wide. I ad it it as a custom indicator. Be sure to check off "Plot Using Price Scale" box.
The second one is a custom indicator showing the lowest close over the last 10 periods and is created by the pcf:
minc10.
Why the two different periods 10 and 20? I got it from the turtles. I also like the narrower channel as it results in tighter stops most of the time.
2) I'm not sure what you mean. I crop out the slider bar when I'm doing my screen capture, which brings me to...
3) Regarding the magenta circles and arrous, I use a screen capture program called Hyper Snap. It lets me capture any part of a screen I want and then draw all over it -- my favorite thing to do!
Hope that helps. Let me know if #2 isn't right.
David John Hall
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Gold Customer
Joined: 11/13/2004
Posts: 102
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davidjohnhall - many thanks
Your answer to 1 and 3 are clear.
I'll have to experiment with number 2. I found that HyperSnap is 4.7meg which would take 30 minutes to download on my dialup modem. I'll have to reflect on that.
thanks again,
soc
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Registered User
Joined: 9/22/2005
Posts: 849
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Diceman
Iam fascinated by your automatic trend lines.
As an exercise, use the left bracket to move back in time and watch the patterns develop.
It is especially good at showing wedges (both up and
down), broadening formations(both up and down),and
channels.
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Registered User
Joined: 9/22/2005
Posts: 849
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Socrates
HyprtSnap is worth the time it takes to download. As a suggestion, set it up download while you have lunch or dinner like I did.
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Registered User
Joined: 8/9/2007
Posts: 10
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Diceman and BCraig,
Thank you very much for contributing to this discussion. It is always so much beneficial apply the experience from others to my novice knowledge of patterns.
I love the the use of automatic trend lines, especially when confirming the consistency of short-term price development to the longer-term pattern.
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Gold Customer
Joined: 11/13/2004
Posts: 102
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bcraig - thanks for the suggestion. I did just that.
soc
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Registered User
Joined: 9/22/2005
Posts: 849
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EBIH just doublecrossed us and broke down from that nice triangle.
Ah well, such is life..
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Registered User
Joined: 6/6/2005
Posts: 1,157
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Hi bcraig,
In my initial post I mentioned that EBHI on the daily bar was a wedge and that wedges in a downtrend are usually continuation patterns. Then I second guessed myself (which I'm learning is a dangerous thing in the market and why I system trade rather than discretionary trade)
From reading your post, I see that instead of a wedge you mention a triangle. I know charts are subjective and would like to see what you see.
[IMG]http://i75.photobucket.com/albums/i318/davidjohnhall/ebhi-1.jpg[/IMG]
I'll be eager to see how this pattern plays out as a break of the bottom should now signal lower prices.
David John Hall
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Registered User
Joined: 9/22/2005
Posts: 849
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David
The triangle I saw was constructed by the highs on 08/13, 09/06, 09/18, and 10/03. The bottom was drawn on the lows on 08/20, 08/31, 09/18. and 10/02.
I agree that patterns are somewhat subjective and subject to interpretation.
Bob
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Registered User
Joined: 6/6/2005
Posts: 1,157
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thanks Bob,It's always helpful to know and learn how other traders see things as it gives me insight to my own perception. Thanks for the reply. I am growing more and more enamored of patterns ever since reading about Dan Zanger who made his fortune trading nothing but patterns and volume. I'd love to see a post dedicated to patterns. Check out the short term cup and handle on cyd - I found it a few days ago while still in the handle- but was already committed elsewhere - namely a system trade in mee that is working out very well.Thanks again.Davidjohnhall
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Gold Customer
Joined: 11/13/2004
Posts: 102
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DavidJohnHall - I've purchased and downloaded hypersnap.
I've created a few .bmp files (images) of Worden charts. I have had no success uploading any of them from my hard drive into this message box in which I am typing right now.
The procedure I use is as follows:
1) I bring the .bmp file (image) up on my screen.
2) I hold "shift" and press "PrtSc" to paste the file (image) to the clipboard.
3) I enter Stock and Market Talk, a Topic, and click Post Reply. Then I'm in this message box in which I am typing right now.
4) I click on the icon, Insert/Edit Image, and a dialog box pops up with information to fill in that I don't know the answers to, like URL, for example.
Should I know the information or am I doing something wrong or both?
Any help would be appreciated.
thanks
soc
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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Socrates,
You need to upload your pictures to a free hosting site (or host them yourself). Most sites of this type will provide the the web address for you to use in when posting the images in the forums. You may wish to review the following:
Attn: usertm, re posting telechart charts....
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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