Thread: Do Charts Patterns Still Work?

$EURGBP: Triangle Breakout

Here we also have a bearish divergence on the MACD

After a long day without movement is really nice to see something right?

EUR/GBP: Inverted Head and Shoulders

Waited all day for this one to complete. When it broke through the neckline I had to wait to enter above the Pivot line as a confirmation of the reversal

aggressively trading the breakout of this triangle.Higher highs are on the way in my opinion

Do we have here an inverse head and shoulders?

Had and shoulders not valid but do we have a double bottom here?

Originally Posted by Gnarly

Do we have here an inverse head and shoulders?

Chart patterns I've found are very unreliable as they require a statistical edge. Over a given period of time, any pattern may work. However, expand the scope of your analysis and you'll find that your pattern eventually fails. Perhaps the best and most pure way to trade is through price action in itself. I can assure you there is a certain level of dedication required to feel comfortable with something such as this. But eventually, you will see the woman in the red dress (Matrix reference)!

Here's my system as posted on collective2. You may ask any questions you'd like or even subscribe if you feel the need =)

AUD/JPY Symmetrical Triangle Breakout: 81.08 or 84.29

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Home for Enigma Patterns

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USD/JPY Ascending Triangle Could Signal a Move Lower

Look for price to close below 79.75 for a push lower to 79.00 the figure

Originally Posted by Gregory McLeod

USD/JPY Ascending Triangle Could Signal a Move Lower

Look for price to close below 79.75 for a push lower to 79.00 the figure

I agree, lower. But, then higher before lower still. Sound confusing? Here's the picture that shows down to (D), up to (E) to finish iv then down in five waves to finish v
http://www.tafool.com/Charts/usdjpy063012.png

Originally Posted by TAfool

I agree, lower. But, then higher before lower still. Sound confusing? Here's the picture that shows down to (D), up to (E) to finish iv then down in five waves to finish v
http://www.tafool.com/Charts/usdjpy063012.png

I agree with you as I noticed an Inverted Head and Shoulders on USD/JPY

In the A/U main thread I threw FXCM under the bus (pisspoor ranking level on par with MFG and PFG). I took a look at the techs of FXCM and come up with this potential scenario.

Bottom line, price target of ~$20 is very possible on an upside triangle break; and is my favored target. Break down and it's ugly, though.

The large pics:
http://www.tafool.com/Charts/FXCM071212animate.gif

and the small scrunchy one:

Originally Posted by TAfool

In the A/U main thread I threw FXCM under the bus (pisspoor ranking level on par with MFG and PFG). I took a look at the techs of FXCM and come up with this potential scenario.

Bottom line, price target of ~$20 is very possible on an upside triangle break; and is my favored target. Break down and it's ugly, though.

The large pics:
http://www.tafool.com/Charts/FXCM071212animate.gif

and the small scrunchy one:

FXCM Update. Almost to the lower target point. Still looks good!
http://www.tafool.com/Charts/FXCM0720124h.png

Originally Posted by TAfool

FXCM Update. Almost to the lower target point. Still looks good!
http://www.tafool.com/Charts/FXCM0720124h.png

Wow! You got to teach me how you did that gif chart. That is brilliant! I'd be happy with $20.00