Day Trading With Short Term Price Patter - Toby Crabel

DAY TRADING WITH
SHORTTERM

PRICE PATTERNS
ANDOPENING

RANGE BREAKOUT

.,

叫TOBY CRABEL
随

ANA Lrr[~

SJ:(!'I'IOHI
n 叩 T 1m n . " " . ，，，， nrn ，，，，， 'nÐ~'

2 . 0 P E N I N G R A H G H B N E AI< O U T I I
(V. RL Y~Y)

~ .PRIC J: ACTION OFP TNJ: opn
(CA'M'LE)

旦旦旦旦旦王
旦旦!L!旦旦旦旦旦旦旦旦旦星星星主

1~ .PRICE P i\TT l':阳叩 r ~ s
( BO NDSOPEH T OCLω 别

6 .PU CE PATTUN ST11IIlES II
( IIOKDSCLDSE T<l CLOSH)

7 .PRI CE 阳忡阳 S T11IIIJ: SIII

( BEANSOPRNTOCLOSJ:)
a. pRIC~ PATTERII S凹 DIRSIV

( CA1"πz ‘ S&POPEN T OCLOSB)
9.PRICE p ATTBRNSTUDI !SV

( CLOSETOO叫

…'".ID .IUNGE
(BON D S )
11 . ItAIIGEEXPAlISIOII

( S& 1'，1l E剧. S a ndCATTLE)
12 .PRICEPATTERIISTODIESVlII

( OPlN T<l CLOSJ i\Nl) IUNGB
EXPAlISIDN 01'Hf : R … }

…

血腥羞益挂也皿旦

16.IKSIDID.lY

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mEGRA'I' rON 嚣弩俨苦I~" PA'l'T R~J<s

旦旦豆豆""'"旦旦旦旦旦里扭捏
l6. T1I O D.l1'I'.l凹I1I NS~ORB

.，咽 COIlTll.l.C'I' loJ< /np~STON
27. T1!R BIOA l'I'A 'M' U J< S 蛐咽

m 胃"肝 RAC'UOR/np /ùl SIO Jl

.，‘民 ~'.T
""Á L\"T lα

墅里旦旦"旦"旦'旦"Z且主1旦旦旦L

.,。 "0 立即叫 " bre ol: out h ð ~ rin. d .~ . 叫

to~en . . a pred e t H i n.rl ...O"ot oH 巾。 þQ n. 1t

主旦旦旦旦

B山10Uld bo not.6 thlt 巾 n I Int ~叫 0 0 . 协 u

t u61 町 ∞ n c ept In Ch .pUr 0 0.

lOath ou tlc.l te ah n川 u I ， callo d t炯 < t~.toh ， to

山. op.n rather 也.. . 仙·刑罚 tch !"O lnt

np. r\ &n<:"e h . .hc~n 阶 h t o … bet.. 皿M
E叫 u Iusedtb.sl ,..,V& lu. thro ughoH , r

叩 Id çene n l l u lbou. ..... <，，~t 10tl"lt y . In 川."

vo r d. .. ll 叩 ，， ' … 'u Ð.de 川 . l lIl1 ar
t o d ~" el 仰 ' c Ro" loten t c 。 η t e xt

Chapt." T" u~ . "Mov.. OH 怕 .0p. n " . 1o Vf.ry
10porUnt . s. 的 ar t l 町 pO l ntlnt "e 也 uUng 二

ch.Þu~ ~<o叫 dos a e<>n1<01 Q<叫，，，

cOllparleon v lth 111 o t h.." t~st. . HI ,,,, 1 hlVI

.,.c。因，ducted tests 00 lrld ..Un 00 阳 l ndlcnld

aωunu oH the o p.四 onl n yωy 协 ".IIO""O(

.100 … n d 阳 0lu .lo n l 阳 的 <>th e

向叫 "0 金山阳、 . hOU ld M

O OopO "， l on 时灿灿 1. c <:>nho l gr n叩 饵 "叫 U

: ov l d " . b . t t .. r u nd.u tan~ l nQ 0' 胁。 u . t l M

A.hortte <lll pd".p. 也 1 er nl.u an 川， .11 of

ot" .o.n 毡 p < ! c .. .~tl 佣 I n Un，~ p..v l~" s ~l". .. ，

叩 .. n ln 吁 . . <o n\l" . 1 . . .n d ，， <>v ~o 。俨 ft heop ftn . 1 h o y

的 M 叼 t .0 qu~n t !f y ~ar~ et ， ~ tlo n 50 . . 1 0 t u t

! or .tQ n l ! l"a nt dlre ct立 onal o ove...n t . Thh

..ctlonv.. !ft .plred br Ar tt盯陶 ... 1 11'0 wn忧

,.0<m山 c..ð on 山阳阳~~ InduHrlU ' ，， ~.x ovor
• 20 ~，."IQd !r OOl 19 50 to !geo . He uo刊

"lo.1 n" pr lα . onlyand . <>ndlll ."'""'n..lo".
H 灿 volUIIQ ~U霍 ..c~ 缸 y . 1'II erQ ou t "O 剧'"
dltU<町 .. betv.on 圃 y ..on .n d h 1s . p! r l t , t
.,h . ... . n ot l n c> u . ed 叫 U .， o l o y a nUy . ; ~ . S.coo d
川 a v .f nu 时也 1 toboo 圈 ud …叫 tt u l to ule

d i r&otlon 0宝山。阳..阳 1.. . p l"".of
川 fC<""'tlcn in • pHt. r n . u灿的 t h an clod叼

prlcu . In t h. tutureo ... rk. t t~en h aCtω'"

1 ~upply/d ..... nd b . t t l . t. k l叼 p !o c.on t ho 叩"

睛盯 US .hQ ~t< uctuτ"ot t h. Do.. tn~u ... k"~ t hh

I lOpoosl bl .

r h. p r l c Q p .t..~ n. al lo.. 四 t<> t . . e U 叼.

. oou n .o M I nfor，..t l仙 向"龟lo. ""uXct . n~

C叫 .n.. lt 尘 nto a worhbl " unlt. l'.&n . . ."tloo

0." 阳 .bo t ... .. ð. Tb eh nO . 叫" 归叫 v lthln

t ho ..民豆呵 cU th.n beu."d... port1 al buls

<or ..~I 叼 a c O! onln ‘ h" ，"Uk吼 p1&""

.,h … ctlon!E衷 p.n. i on Prlndpl~ …
灿 U the r U t h ~on .Unt\r ~l.. 叫 !o ~ ! r OOl a

I II'l' EGRA 'I' IOIIOFO 陋， PRICEFA 'l'T ERIIS
00肝 RACTIOII/ ErP AN9ION

。 P Elf JIIG.""C. B n Uotn' " " R l

J..l Op.nl 吨 h 吨. "roa~out (huutter co!Ud

ORSj is • t ra~~ to~en.. & proð~ tu ll lneð ...ount

.I>ou or boo l 阴阳。 ~n ， n q ~ . ng.. Wh e鸭山

< g~.t"r ，. tnQð alKlun'. (‘ho.t r.‘仙 )1. eo. putU , I

bU1 s t op 1. pUced that '''Oun t .!>O~.础 .hlg"'"
山时间"叩In ð 1 oell 5雀<>p h ~l.e*" 叫

"园 nount bUov 叶 elovo!theop . nl 呵 M 町 e

'l'''e !lr削 otoþ thlt h tud.d 10 the pod t ion anð

由. ot~.. n <>p 1. nud u a 阳。也OO<'U"e..op

'l'he e...tch h d.tenl n od hy loo~j 吨川乞 M

pnvl<:>uo .en d. y . .nd 'VH.g! 崎 the.睛。! ue

dHhunces I><I tv un thO o~n (0< neh 伽 yondthO

•Clo.. .川批 r Q_tO thQ open on . .c hd.y
'l'hereared.yo 呻." tude ;" only 0'"

d 1rec:t;on h t.".n. 阶 10 Ia C.UOd anOp."(ng
Uou. P rHo< e n". 【 o.~pl . U.u olly t"l . 1.
P' " q e 3re a "arkU 0 町叫到.. I"ono
don. in ...It"
dluc tlon Or Ju.t HUr ~ c l ~" .up ply 0. dR四. .，

lnOlc. t lon. Th a pro ~"仙"川机lI.llar ω 仙 .on

b~t tb e only ordar eot..ad 1s协. . top ln the

d!rect!on o! tU enu y. 1'Il~ p. otect!ve .t<:>p 10

.nU<~ d on ly at t .r 白" t~.d. hU beon oH.nd

伽.， QU1HI"ati侃"阶 is 10 H tho 副 r~.t trad . .

,"仙..trotch 川 "0 饨p~~IU d!rOctlOn flut
矶·饵 !P 10 D"l I1 H.d ond 州 e<..ti 叼町"军"
rn.。 ncell.d.
h requlr"10U tO ,"" Rltu the urUt

du r1呵 th. uulon. lntud.y oaru龟阳 lto rl 间 "

"也… crHlc..by ony 配...and..rvu lC.nh.nce

thaey o U"ln 阀 . tc....

Th o OU 10 ..fhctiv" HU军 ln.lð. 缸"协 ..

h a n . a~llor ..111 ra 吨·‘ h.nth.pr.叫。 uo '0 叫

。~ f1 V" .'Y' ond 笠M 价机制 tta r HU..ny..y

.,t h .. h… dal l yra叼 ele" 比... .".庐."Iou. ~1"

d.y.( 脯'】 vhotha. an Inold day 0< "ot. ~~oX d.γ·
.坷。 und to pncUo blq 皿咽 s ln 0"0 dl rec tlon . ~

lI<>ox d~y 10 any dlY t出 .tcp.n..bov. 町 tr1 0vtha

p<evlou. d oy '. 川 qh c< 川阶 .n proc.. dlω

UvOUe 也桐 prevlou. .o y " c l ou b"t 00" .ovlth

,.,• "&<<ovl 咽 doUy u叫 ...IH! 鸭 to th. prevloua
Th.阳 rch COP ;o<I r ch art 蝇 rhd Hc 饨，町 1 an~

，~刊 ~Iap ，" y. e1<&Dp!U of U l th. abovtl ..entlo"ad
patUrno .I" . !da 缸"则 由 tl't. nU<"ova.也 '"吁， ' "
归叫 4.rO (10" , 4) 优c~ ， . t c.e , g. !, n , o , and t
，帽 1'. o <:Cur at 川，.，川町.，.叫~ . I!oo~ d'γ.
0 'orob.q ， ."dr. No t! 销协. p ro ~ lD1t y t he n e1的
d.y..opantooneofth.a"t'e....far 灿的 4.y.nd
thg qQnarH ten甸回白。 ttne cl ouo! 也 no . . ". d OY

'0 ~R at t h op~oslte Rl< trU.

,...1"heOBBPpr o..I<!.. 00 etucth. tUdO .ntr

也t.es <:>! • cle O< bh. In Ono dir~ctlon. In

' ' ' A u" T ICI

p...leular . I r unn \n ~ . H~n 内m ω 川四"

provl4U' V8 <ycl..r hl.. 伽 ony Inllð~ dtr 也M

oup 刷刷 14 b. t.~u. Iul de dayo o ct ••

.pr1 叼l:><> or4. foron 1uedlot<>co 的 inuationln 由·

:r'.dlreçHon of 仙~ run. Tho JUl ,.. U.n OLl Ch .rt
dlopla nn n1 n'l皿rht t>e t " . u nu..~... 0... and

鱼" 削阶'"仰的 <Yn In.ide 归，..协 rueo 川

rUUIUd In ' UCC… tulOU'. 叫盹由·叼饵 cn 0<

血..< th. 10" ot 忌 he ..uIO" ln uch c...
Olrectloft h o.o t . . p<.dlct.bl. n IDdayel 雯'
.ndh.but 阶. OR~ 白 e{o l1 o ，， 1 叫 d . y \n ~.Ch CUe

p<O~ldU o n exc. llo o. t 创也 η

i. Q'P 1" the dlnc t! ono! th. r归 1 …..，吨

Indicotlon ot 叫 Unu..ton aM U OUP".n b.

"~~ n 1" 阶.. 41 . . " .10 0. o ! th~ gop 叫协 ' "
o....o. iqht 1"'.ltlo" hUd t f . hl 'l d.y tol1 o.. . Th.
<:>e tob. 罗坷u Ch an 山"巾.. gap. fo , b.c)
叫由 1 0. • vuy d~ f1 ned 崎 vord ruo.. >lol & 也 . .

tend.ncy.or 巾 o pc>o. to a"t.. 山 lo 1i of 即向

氢 n " c h C.... H .囚。 Ra to th.40"鼠 .ið.h.d

o ，"， "u 口 .6.1 囚 t~ 1s c..~ ， no troðo 曾惆 U UVe " " n

t.kon 问 I C.lly. Iny or thc p.tUrn . pro ce ~ 1 吨

...η...ntloud (0< th.ORBc.n bo> u 也 111...41 0. . n

.o.O!<B P 曲en the l>l u h clnr

Upthrost/Spci ,,;". hvu..l G.P' , <>r y aharp
‘r ov. 'Ul Ohould "" tOllo.e6 up 叫 thonORRPln 山
ðln" t.l o~ of h.. r eT.<..lror....... 龟 tvcd01"
.n" "，uω Ir 1t contln.. the !n...r:oediaU t< ..nd
Th. t:ov. Bun Ch.re 610 ,,10)' " upthru... .t 1.3 .nð

5 a <>ð sprl呵 0..2 ‘ on4 6 _ 1窟。比e oPQnl 町·也M

doy.Hter 阳 sprl o. ;..nð 山 ..rh4t 曰"町...

由四 to OCcU宫 M I< one .xtr e... 0: t h 611. !he

.，加叫.四 n not U oucco..tu l. A "Hu up" o<d

1bI.. dl d .，. h 鱼 Ag.ln 恼 10 " I I<>ot .rt.dlve
画 ，也 er ." lnoI6.d.1 0rll ， 7. th. ... . 1 。且也 M

I n g."~n 旦出。'， "1I er 0.

cnt <y b t眩刷出~ boI tt町雀hechoDceororluc"'"

In !o ct 龟he lð" Ol h an.n‘筐 1 vlthln t h ! I n t

t制 <llnu tQ$ o! t H naol on . r n 仙的 cu. on

III....d! U. conlinuUlon In 协. dlr.ctlono! 阶­

"roUout h 1I ~"'1. lIhen you got a"tloll l1 U tn. .

th. pro...ctlv~ HOp ".n ba 咽。叫 tohro.k 叫 n

..町阴阳 ny anð UIC tud. 10 !<.c. 'f'h~四 u ti阳

"鸭........ boo' neen 出 eo pU4Dð e<.ωan t< ytha

lOVH 飞 h.prob 的 llltr o[ UecøU . Hjuat 阶. ~Iu

。， ，创 Z 阳It l<>ndov，，" ordu thedoygoe. 侃...

"o..t 制 try h j叫悦，时 eho "108<0 ~hCn ti... 1.

rono. l 可制 t an6 lt h ðlH!cut to u..l~o a

prot 1t. Tt ~~OUld b . ~.pt In "lnd 矶的山

。hj~tlv. ot thuc utry u ch nlQue. 1. t。
,uU"'I.h 雀 po.l t1 o o. ro ratvotothree day <un

M 圳. c~n b.. conaldOUð 0 0. 11 何. ~ ublt.ntl O1

p<otit 1. u . l I teð I>y th" c nð et 阳 u..lon

Htuthotrod.!..ntuod 也 h<> elc"~ . 乞....

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g唱到



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…空兰主革

,tl n l 呵 Th old e.l t<.d. "l 日 ，轨 OV'P C" 'ltalIOOS 也

In .o .nun eou. y . The 10呵 ultto比~. ~o IlOve . 四 . ，
"，耀 tho p<> ln. of entry 阳I>O re vulnocaa 阳

p". !t lon. 10 ~Q~Htl e 问. shoUld be .ovd to

Þreo" 刷刷咄r.; n 叩 hour . n u .n try..\ ....rht

山 .t dloploya grene< t.~d.ncy to t rend .hOuld be

glve n l.. s 仙 an ' n hOH . ~ o< UUp l <> 阶. S~P

usually toku 00 00'* t 1"l.0 f1 v. t o t on 1l1nutes

M 臼rQ. olu c g.t.vay 饵 ~ u'" 阶阳 "句 in~ th~

~ "肘 .0.10n . n . . onuy eo..p o<o I t . o t he ld.. l

O& rlyentηvlthl .....Ol...p<Ofit.n dp.. . Iv .e no

t0110 w 巾。.'"山 nUtH. Actlon 山 t voriu tr。凰

山山 11.' 叫m

1"1>. ORD c on b. ut三 lh..d . . • g.na <o 1

Ind leat or ot bl . . .，...， doγ 阳巾vu.ldoM

'1"Ie Str .tOh 15 tnd.d flu t ,,111 lndlcat . blos in
t 1"l..们 not1 例'时也 h.nextt叫 U 山阴阳<.'"

也 b" suoio". H no也川 "9 dU 也 hh infor..... t! on

U 佣·叫 llhelpk..pyOUω'of'roub1"

l!unl plo con'n cto C. n 1><>，且seðvh.n .ntOrl叼

侃 ~n 00 o~ OUP. thl. .110... tor 0 0 ...

pr o f1 t_ ta提问 " 山 ....u con山."

g u . nnt ..1 吨. " … t .O~Q pro t l t In 仙 QO &l OO(.

pUllbac~ to th. br ..k_钳制 . to，. 1. t n i ling . .op

U abo ~..y O !f e~th.

H ycu ..105 the 01'.11 .nd .Ea ~ly 阳 t<y­

E叫urr.d ，叫 3/8 to 毛<Qt U".lI ent 01 础·

" U blhhø d co n~~ ".臼 hft u .o~ U o.n ~n 也町 point
削阶 川".同时 也 h. 5/6 lovo l . 11"1 1. t.c~"l qu .

"an b o 川们 !u d tvlc e butb.eo.... tre o cHrω"".

也，. 乞 hl rd rUro c .....nt

...四"町 Oh.OpU h • '..rk.t ørl.. 叮

III'hc~..n undushndl 吨。 tlt.l.po 古 U<> OO<I u d t"e

..uUt .ctiOh . "ound 10. H 10 dlffleult.o "0100
…to eor "'ct "Ooclo .lo,," nOut ,,0<-" d ! uetlon. 0"
". rH 川 d.yo ! t .et. nld eu po也 川 。 t ontr ]

.~ 四 川瞅 Out . on 川阳山 t ouc h • b<..~Ou t
,。Ccua 叫山 n th. t t u . .on ..inu.eeo' t rode t h
,... •..阳时也 100
h ov.叫 HII;叼 Iy In 曰"'
0"...，山ntlon 0宝山at ..".. . H
…n cntry heh"lques 町 H … .ICHly ， 1"Ie .houu
don nOt u.e

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26

,PRrCE ACTIO创 OPP - T阿富 OPEN Cl飞TTLl!

Tr飞i.S' chapt.?r _prov i des. êigh.teen d'2f 宏èrent

乞ests CO!、cé..rnlng pricc act ion a'rounò the open.

Bach .t~fs t i -ß a <5 sociated' ~Ñ!th a þ~rtlcula 玄:P0 1rlt
move alñ~ì' frqm the open; eithcr 22 , 50 , l Op ' or 130
points . . '1'飞ne ' q飞u足舍e电 s每雪 乞 ion a l5 ked i -.s: 1盯';η盯ηh唱 at has the

回:.t r比e 乞 done af乞 er i t ha皇 s rnoved a cer t巳 我g更 i 罚 剖a 1

po i nt$ above or oel。‘窗t 号急巳he αpen? '!'he ques t-icn is

answered 、，，'i 毡E虱1 _老 he percen ~乞巳 age o f i乞;ime赁电 s 祀 hé markê怎

h震s c lo~ed abo'Vé or bel.o飞; .the íni:lica t. ed priçe

! ev~ l . For example~ 衍。. 1 7 +_ a 1.30 poi 到乞 àecline

neioν 乞h.e opE+n . Nhèn i二he' m;H.k~乞 has declined '22

þO ln毒S -bCIQ'rI t he ope'n ~t ..ny 乞im? åuiing the

peri.Od 1970-1988, i也 has closed lower than 60

ÿ oint s bel ow the open 87% of 毛hê time . It . has

closed be lo'iI 乞he open 98% of tne t ime. 'i'hi$. dc?军事

泣。乞 乞el1 }"'ou 有'hether ar. intrnday ra1 1 y t o one of

thea.~ poin主S;， occu巳rcd .af tcr the i ñ i t i -al 130 poin t
d .eC1 ine. 1乞__ only tell 写 you OT the ~hances ror a

c l ose cé 10-;'" 乞heso va rious levels 二 Cha r.t A

<i isp! aY:5- the- 5 - mi nu乞i:! h1垂h/!olri' 室。r' a 5-àay period

(D~Yß A ' 时n:u E)~' Each day . ~he ñ-i.忍雪 。毫 th'Q ' 1饥 i 也 1al

move o f f 1二he op'en ð'}飞d an卫 m_ov9 ， of conse吃u.e nce 1:.0
乞he 。急her s!dc o f t hè opeo \$ -noted. . '['挝eσirc-les

represent: t ,he coun 乞er-mOVês a f ter thQ !ni 乞 ial rnoy~
off 民国 。þên. 'rhe se d.es i 古nat -e d a r传授戴 are '- 1 0曾i. C? l

spo也S， _ -fo !: tradé 'êntrÿ . The mos t. no t.iceabl 事
f.电atui:e of t h.e c:" a-rt ￥ s 乞ha c:o-nsistcncy O;Ï 龟hc

marke 乞 to havé largê --10乞r-.a day count 舍 r-mo yeG~

Somet二imes t_hCY re t:r~ce thé 窑饥乞 i re ini,t .i å l. h\ov e ,

providing 士 ntÞ.re.g t irig high probability .entr'i'ee.

Chart 句'B. lS, .,an expandE'å ve r~j on of Day ;E" -' 每 prlc<a

act i on . 1-10也e 号也he init二 ial mOVé 。王 130 point '5 be-low

the 0 1'镜 n a nõ t h e- r-e su l.i二 1n g" ' c oun 岳。X 司凯OVC .

?。乞êntia1 s ale,s exis也 事 t po'i nts 1 , 2 and 3- i nt'o

the ope n minus 50 anê 80 lèyel a f ter such a clea 立

刻。ve off t he oPJ?n ,

(1)

会主 POINT DECT~Im BELOW OPEH

,i'(nen t lle rnarlt:et has: d.ec). t-r"tèd '.21 ):10 去 nts be10w the

-cmen' i t ha15:

C10seê þ e ln" t恼。pên þ1us 22 pcin ~s 85~
Closed -.be!.ow tl吨。pt='!n ...2.主立
C.l o各 ød be10v 出e 句 erî mi;"lus ' 22 po ints 二豆豆

INTEGRATION: 'I'he marke t '-shows a t;:ú~dêncγ 乞。 trc只d
!nτ百ττi rect ion of a mO'le . ô-ff 出a 呻创 Sel1 a
10\\' m。吨c-n，t1Jm . r 3: 11y a fte r t.nf: i 自1 乞1a1 d êc l "i nc.

27

Kl : G苟且
10ζ 6132

。F记 6~OO

Tυ= a43

~Z?2S

-;!Il 13:

吨 !1 13
恻
叫
阴
阳
叫 10

o r，ft盘目 :I:~苟明相阻.'1惯配:.结酷耳

26

MAIlKET

(2 )

22 POJ NT RALLY OPP OPEN

l'fneηthe marke t has --'rεll ied 22 p'oints a bove the

。 pen i 乞 has :

CIOSêd. .a bovQ 础。 oþen plU~ 22 po-! nts .2.旦旦­
c loap.å <!'bov~ t he" op'en ....1.呈主
Closed abovc -the open minus 22 poin't s. ...!豆豆

王旦旦豆豆豆TI旦N.= Suppo:::-韧 乞ñe concltision tha乞 the
ma rke t二 has a_ téodency t.o 也rend after some
õef ini t ion o f dfrect i on. Blly 10\;' rnomen乞um breakG:
Ocf急er ~二he h飞1\二lal r ð l1 y off t he oþén .

(3)

22 POINT m;er.τNE OFF OP古N AFTllR NR DAY

1何言en t h e 孤arke t ha在 deCline<l 22 poin t s below 急he
。pen OJ1 a day 急ha飞 Wða þr.eced e d by a êà.i !y r.ang再

l,esñ t h三n SO po i. nl.s i t has :

Closeó below t he op相p'1阳 22 points ~革二
CIOGéd be !o'lf 乞hê " open ~
Cl 同时 be.l o.' the ()pe n minQ!5 22 poin"ts .2.王军-

王 NTEGR旦王旦N ， 主 dêC!reaSè_ 1n 乞he open rninus 22

!,o i o't pe r centage. .hen compñ.red 乞。 衍。 . 1 s在19ges ts

dif.f icul也y Qn h old i Îlg òreak.s after na rro;;in吉

乞 rad ê . refThis;; 也 at1s 乞 i卢 could ! -e c 乞 毛hc gêne ral

upwarà bia ;:i. Wa.t ch -for l oss o f rnomént um on ral ly

to th~ open o r h ighe r after 急he 1ni tial deCline..

The, 54;惑。n 乞he' o-pcn minus 22 po!n也s s急a tist !c is

1:.00 low to '~fi 急 挝乞 h é ini 乞 1 -'l 1 "，.窑 ~ knéS ;S _

(4)

2 2 PO TNT RλU.Y OFF OPllN ~FTP.R NR D收?

暗暗n thé rnark.E!乞 haS r al1!ed 22 po~nts a bov(! thé

。~en on a dáy t.ha t ".as precedeð .by a da 三 ~y r a-ng f!'
l. éSS 乞 han 50 points i 乞 h Ól S:

c ZAeare ooee eee e sgs aa vvv nna nbbb b pPP lEi1o 1 d4
cc -uen --nho q- d
-o e e us a s -1 s1。
OOG uu7 10e- WL肉u 饨 句， . 叭" 。 -ι - hs EO句
e ， @ g --" ， -
&
伽L n
Vn-品 -m w­
i 句 。‘， F nH L
， TV

v ‘

王旦旦旦坠Z旦旦 ~ ~~en cornp a r ed to the te~ts on a move

29

MA足足iT

A1>ALYTICS

22. !，oi但也 s bel o、~ the oþe 白， the r e i~ 震 .s ignifJ， can 乞

dif.ference. Thiã im以1曰 "毛的 an upwa.rd . bias wa寄

?re$E.，老 thro ugl:1 ou急 t.hè tes t þeriod. ! f Early

Entry pccu rs gp 容i乞1:1 .the lni乞 ia~ rnm", 'e ñbo寸'e thc
。pe n . 。乞h e- r w !-se ， buy ~ lo ~'. momant.Ull1 pUl l bac这 to
thç ope n o~ jus毛 belc。如毛he open. 00 n。乞 stQP 1n

front of -e mo men tum increase 宅。急hê' downs i ðe ,

e.speclally W~、e到 H二 !-s mov.i.ng to n，e~<< lo.,;s for 也he
ðay. Wai t ~or a s nift, in 'momenturn oac运 也o up 0 11
乞he .30-m!nutê Cnar乞 O~ S'- rninute chart二.

(5)

Eo POnlT DECLlNE BELOli THE OPEN

when 乞he . ma r k ec has Ï)ad a._ 50 point. decl 主ñê b要 10"
忘挝 e ' òp e n i 龟 has

Closed, below t he. opel\ plU3 ;. 2 2 poin 岛. 9主主­

CIÔ ~êd biÕ! lo ..... 乞hê open 主些干 堕堕

Closed bel。首 乞he 'o pen minus 22 point每 63%

Closed 'belG\r the open minus 50 poh\ts

王旦Tl!GR主TI旦旦: The F@rcet)乞ages ~re-~ not 2l:s.' high ås a ,

50 poiu也 r ally -abov合J毛主lQ opén. Thi s :sugg.es 己s a n

up.....apd biQS pr.:ser.乞 in t二he da t.a . Thè pêrc_en t 'age

a t t h e o pE:=n j.s e χ-t re泪 e ly in 毡 ~ res~二 1 n g 飞 Sa l es on

lQW mOlné nttim pulJ Qackg 'e hou'ld be' con~idêred. The

reasonabl y' h igh chanc~+ of a cloae below .the o pen
ni.i nus 50 po in乞 . l(: y ~ü ~ \l g gests 乞 lta 乞 .t1飞，e rnora

.r' d"efinéõ 乞:he trenó <iu in'Ç,I the' sês.sion t 'the be t þ er

t he c~'l anc c o f i 乞 c ô at !nu i nq . A 50 poin急!'It~Ve a\\'ay

f.ror.l.• the o pén s'uppl i és a clear'er det:!p.i t ioπ .o t

t r end t han a 22 po吐.nt 狸。ve .

{号)

5o P()IIIT RALLY h BOVE TIIE 0旦EII

1仔len the ma'r比et ..has ñad a 50 þoint ralty above the

οþêl飞 i t h c主s:

Cl osed above t he open pltJ~ 50 P口 int 写 65%
Closêd abc)'.'霄 ，thenpan p l u7s6 22 · poi nts 90%
Closeð above' the oucu 95
C工o'seã above' t !tê oþên minus 22 --points 96罩

王IITl!GR主TION A defini te improvcrnen乞 on 记hè clQse

at 乞he- o þe n p l u s 50 poln t l evel ioihe n compared t.o

No . 2. The l ogical cpnclúsion -+is, tha乞 SO point
mOYG d'~finE!s 危:t'ènd het乞er ' than just 22 poin乞S..

30

UAR肚T

The b:talc strategy on. p-u!lbacke obviously \1 111

2毛ave goo~ results . The Cat 也10 market is an

excellent markct tor this typft ot •也rat.õi!gy .bscaus(!o

of 乞he many intraday ~事 lò'Í nqs that 也ð}';Q place. My
。 b!:u~r'V il t1on 15 t二hat there ar4;t, on 寇 ver ilqe ，

f!ve-1ntrad.y 也 ~enàs or reVerSûl$ PQr day in the

Ca t tle mar比.t of significanee eupplying ai二 !ea~t
乞"tO oppor l;. \lniti 归属仨ot' éut .t; y on <:oun'ter moves .

(7)

5o l'OINT DECLI揭E BBLOW TUE OPBH APTRR NR DAY

Hhen the 'arket ha~ had a 50 poln也 deCiine beloy
Ehé oPQn and the !>recedinq day'a : ange ls less
than 50 poin 瓮 s i 也 ha s:

Closed belov the open þ1US 22 pOln 也$ ' 96%
Clasad b肘。\i the open ....2.旦旦-
CloseØ below the open ml'nus 2? pOints ~呈­
CIOAii!d bvlo... thc o_pen minuB 50 poi ntv 二呈三

INTBGRAT1旦旦: Entrγ 。到 open mlnus 50 point l eve l
ghoUld be rascrved for spp. cial .itu~ tlcns sucl飞 as
Early Ðn try or an lni毛ial move out oC a 2 to 3 åay

co吨e.Uon ar". (Z ".iktr l\'R - 3 l!ar Hil). 阳乞cñ for

vcak ral11es Co~ sala s.

(8)

Eo POIKT RALLY ABOVE TUB OPBN APTBR NR DAY

v;'hen t.h e: lIlarket has had a 50 polnt r ally above the

openωn ð t hQ prQcod 三 ng day'~ r,.nq. i& l éSS 乞 han 50

poin t 到 i 也 h'$ '

Cl。事ed abovQ thc open plu ß 50 po1nts 三呈~
Closad .bOVQ the open plus 22 po1nts 91主­
CIOSêd abovQ the onen i笠」
Closed above the O~n o1nus 22 po1nts 98主

些主旦旦过边且! I t- 1.s necessary t lO røstrict é !ltry on

the op4tn plu6 50 polnt l cvel to an Ea rly Entr y

ind icðt10n only_ 古之h erw i.... ， Y:.1 i t for t二 he

þul1back. With the 校R day pcrcentages are- better

than wlthout òn t二he close above the ôpan. 'rhis

<:0到f1乞ms 也扭。 initial c o nr.lus! on that botter trends

3l

o.ccur af-乞er conges乞 ion-tYþe days . SihCê 198 6 ~

market ha-s nôt cl oseó : be low the open witbε

set-up in 17 OCC1.1 rrences . Àn u pt.营军 nd ‘

ðom.i nated since Hay of 1986 and as long as.
t.hispre-飞ra :i.1~嚣~ l 'kOl ds
tyþé 。王 S 乞 atistic :0

s lgniflcance_

(9)

5o POINT RALLY ABOVE OPEN WITH OPE晴在BOVE MR1

u u eaneEM执 aa&Lvex‘nno- ectde-amoa, e-zd。 nqτaαun e-&zweaahi vthaashs 玄a l1ied 50 point s abovâ 到
n p been abOve 乞-hê. mi d
。 剖 as : - rango.
急

Cl o.ed 础。ve .tJ览。pen 91%

UI'!'_&G且且±王旦堕， N。乞 much 1m'þroverocu急 。ver t he bas1
E画→poir也t ra l l y day. The mai n idea hêre is t h&

t he vpen above rnid-range showed a 甲。v-e wi 也h trer..

o.r dêfined a more poweri ll,l move than a:ver.age..

(10)
5 o POI NT DECLI NE BELÒ响 OPEN l\PTER O.PEII .Birr,OW MRl.

l'lhen the- ma.rké乞 h~s had a 50 point二 clecline belG、
thé; op~n af也er i t ha.s opened be l ow tha mid-ranga_
Of 1二he p rev!ous day i也 has:

Cl.o每éd b e low 宅he o-pen __.2旦旦-

(11 )

100 POlb~ DECLI NE BELOW T组E OPEN

r1he n the . rna.rke t has d êc l inod 100 90三 nt.s be!ow 宅 he

o pên it "has : 5 qd
-9-w
ClColCIs ed bcbelbl-。 e四… eee ae mimiuuz innnn 1& --
- -n- h 。 ε n 。， U< nUAv P o 的 乞 肉=
hh 。 n s 。 豆- "
"唱e。e·- d o "w ee 5 F&LwVh o - ，u -
s 、 O ，­。­ v e
。 i o "… - E品
争D
F

(12 )

l00 POINT ~ALLY ABOVB TRB OPBN

3付lén 乞3飞e mar比ct has r .all .ieã 100 poin乞s ~boVê t he
opc n' it has

32

M^RKET
ANALYTI(:S

C10scd aÞove the open p lu8 100 po!nts 52%
Clos~d above the ope n þ l US 50 points 91%
Clo6~d abOvQ the ooen 9" 区
CJ.o~Qd a'bov~ the o pen minus 20 po1nts 98%

Closed lI bove thê_ opê n minus 50 point每 99%

王N'l'F.GR且TI旦旦! Logica l 1y , if 8 SO þo!n乞 l;"ally

E!xh1 b! 也$ high pe['CQU乞ages ， îl 10 0 point ral1y woul -d

pγ。vida grea. tcI defi nition ati 11. Notê fro::n the

。pen plue SO or lo~er ， probftbi litie~ of a hiqhê~

clm电 é ðrQ OU 也S 也 anding. Surpri 篇 ingly. thêIe are

Dany intraday çountêr :I10VQS attcr ð ral1y of thi窑

proportlon. VOlatili ty is inc:.aalng .hen this

。ccurs. The d ['op 10 ~rce到t.age elose above open

plus 100 po1nts 1eav~s the mar~.t vulnerab1ê ô t

this l evel .

(13)

l00 POINT DECLlNE BELOW TlIl! OPRN AFT茸11 N1! DAY

Wh en 总hft marke乞 h as had a declin~ Qf 100 points
belOV thc opcn on a day 乞h.乞 vaa procoded by a day
暂且th a r.nqø o f less than 50 pointa it h as:

Closed belov 出Q oþen oinuB 50 points 7 9%

C-los~d bCloνthe np田 二Z三

(14 )

100 POINT RALLY hBOVR TRB OPBN AFTER NR DAY

1币len thQ 血ar;c~t has r .a l -l, j -e d above t.hc open by 100
pointeωn 0. day 乞bε龟 was p rec*d. by a day . i t h a
r~ngQ lcss than 50 points 1t has:

C!oscd above" thè o';)en þlUS 50 pointa 80呈­
Cloead QbOVQ thc open __1旦旦旦-

(15)

100 POHIT RALLY I'.1lOVE OPEN AFTER LOWER OPEN

'而回n çhft morkêt had an open 25 polnts or more
béloll thl!' previous daY . !J c lo&1!' anð then r all !od
100 þol J\ts ahove the o pQn !乞 has :

Closed above the op础 plUS 50 points 86%
Closed above the open _i呈立

王宝旦E旦旦旦旦: The iðe3 hêrê 1$ that 缸be gap lovér

33

扣fARKET

leave8 a s注。rt-乞erm Ovør801d éondl~二 10n 乞h aτ
provid~$ eore foel 毡。 thc initi al move an~

subscquent ral 11es after counter QOVe3. Th.
atatiatlos 言er e n o t th a 乞 OIu<:h bot ter 乞 ha-n on anr
day vith a 100 poin乞 ral 1y .

(1 6)

I00 POINT DXCLINE BELOW OPBN AFTKR λ IfIGI!ER DAT

Wh.n the marke乞 has an open 1 5 points o r more
abov~ 巳he pre v ious day.s cloSe and 也hen declinec!
100 p01nts below the opon 1也 ha3 :

CI08ed bQlov the op制....2.!立
Clos~(1 belo万乞he open m!nu5 ~O point$ 85主

(17 )

130 POINT DBCLINE BIIT"OW TRB OPEN

When I;lle maτke乞 has dec 11ned bclow t he open by 130
poi nta lt has:

‘Closcd belo百 the open ainua 80 polnts 87嚣

Clos.d ~elo~ the open 98'

(18)

130 POÍNT RALLY ABOVS OPBN

When t he marke之 3、ilS h 3d !. 130 poi n t ra1.1y abave
t~. op.n 1 t h .s :

Closad abovQ the open plus 80 po ints 立主主­
closed aboYE> 拍eopen 」旦旦旦-

且应!QRAT豆豆: The re 万ere n。也 aany 。∞ u rrences of

‘this tYPQ , but the uþ lard biae in the pric? data

ass~rted itse l f a g a! n (Comparc to Ho~ 17). An
。ut$ 也anðing c h ance o f êloalng above the op~n -but
th瞻 93再 at open plus 80 p~int5 i$ e~er. ~o~e
ir飞tCl ros 也 i ng 9'i ven 乞he like11hood o f . 5 0 poin t
COU'n tQr-move after (l llch an ttxtana iv寄自loYe .

34

PRIC.& PATTI!RH S'I咽DIZS I

This 1S the fir$t in a sêries of chapters on
computcr-tês乞e'd pr 1cIi PQtte t'ns_. Hy 11l t..nt :l on i s

,to provide tne readerø v i t h objective st&tistical

dat that c~n be Qsed AS a re f erene. in thclr
tradlng.

1n th!s study I have têsted all poas!ble t.o ,

也hree ， tour anã flv8 d.y closc 急。 op.n pa.也乞èl'n5
for t~. T. Bonè ?Uture8 mark~毛 主ro~ 1978 to 198ï.
Threc 1tems are provi deõ 毛。 8 xplain 乞h :

in_form.ation. 1) A \i15ting of -pa乞乞自rn5 (Tabl e A) .

2) A grnph ic di s play of • P'乞tern ( c h.rt 1'l). 3).~
chart 01 Jun~ Eurodollørs w1th exampJ ~e ot 乞'110 or
乞he pa ttorns (暑5 ， ( ---))， (吞 12 ， (+争+)) ClIar也 C . Th-e
aurodOllar chart二 is usod ln plac e of T.Bonds to
d iðplay an actual day sess ion open. ~\e chart
servlc8 u8ed õhows 7.Bond night .sesslon opens on
thtl daily ba玄 chart. Th i8 study sbould be useð in
conjunct哀。n vith õay 8osuion opens only .

The þr!mary objectivQ o f thie etuðy is 乞o
determlne vhet引er an 1ntraday bias oxla也s from
。þen to close 宫iv~n 也he previous pric. p.ttern. A
second,a. r 'y objectivo 1s to ðe f ine profitable
traðing sys-tems '.

A Compâq 386 persona l c omputer w1 t1~ a
cuatom.written pr。由 ra~ tO~ eys lem d@vwlopment ~~S
used to test the patterne. The proqram used 1$

systcm-orienteð , so tño pa乞te~nQ are ~1$þlay=ð as

.,.eyatems. , To de也endne an int二raday bi. ret~r 乞。

tho -% Profitablc. colUmn on Tablo A. 7。
每 stimate l f the ~y6t~m i$ þ rofitable r$ter t。 乞运e
"TotQ.l J'J rofï t tt C'olumn .180 on Table A.

Tablê A. snoru霄. 1:>eginning with 也he left..hand

,column 也he System (Pa也也e rn) Nurnbert 也hO Pat乞er.n ，

zn try ，刻umbe r of TrÐd. . , Percenta宫é ôt Winηing
Traðee ，也he Avera.ge t>ollar Amount ot 111 Winn ing

TradQ$ , the Average Dollec Amoun1二 of all "L‘。s ing

Tra4es , and the Total profit (Gross) before

commission and Slippa司e. ln 乞he Pattern column ,
•} 町曲。li zes ðn up closing; ( - ) ð dovn clcsing
rcla 也 lve to the prcv10us day. 7be oXCQptlon l Q
乞he 8ign on tho fa r right . ~hich rGprQaent二s 1二lIe
open oC tha乞 day an d the point CÍ ent ry fcr t hc

也 ra ðo.

Reter 也。 SyS t9r.l #S on Table A and the first
pa 乞 tQtn on Char也 B. Th. p~ttern is tvo 10有er
closes tdth a 1.Qwer open. This 1a represen t.ed by
t hrCQ ælnu s aignSi (…) On Tεbl" A in ~ho Pat 之ern

CO~UÆn . Beginn ing from left anê .orklng riçht ,

thp- first pattêrn on Char乞D- sh。言18 .. daily b-ar
，.1乞h tho cloBing prlco diSp! a j"ed. ImmecHatQl.y 乞。
tlle rigll毡。f the ðaily bar is the cloaing t.ha毛

3S

MA足足.ET

ANALYT1CS

reprfHUtn也6 the Mx t ð召 y' a clos~ ( lowe ~ ) and 1$ the

first ~lnus s!qn in 乞!\e (…) P'也ttirrn . Thc next

d ash i . also . lo~e玄 close th~n thc preγiOU8 day

and !s the $p.c onð minu霉 aign 主n the (--- ) pa也t.crn .

~n= l aat minu$ .1~n i n th. pa乞bexn{ --- }ig the

(X ) 0 0 Cha r.t B which re préscnt5 the open . In

SU!llma ry , you have a To'Wer elose rlillQ;t.ivc t。 也he
previoua day f，ollo\.~ed by ôln.。乞hcr lo7er êlo~ e ，

fQ1IOV0 c1 by a 10、:er ope n . ln thie ca Sê a 1009

position vas taken on th~ o pén o! the third day

anã êx1 龟ed on tl、Q clO$E雪 。 t th~ t hird dU}' . In a ll.

casês t.r (i de en也ry i !;l on thc open (sho'，j罚 ~$ t he

l ast minus or plua s .l g-n i n thé pat. t:.crn ) and t.' rade-
exi也。n the close. No s tops v~r.曹 used 11\ the

t ests.

'I'he da急as o! en乞ry on all 9Osa1ble buys after

毛wo lower closi n9~ ~nd a lOwer open (零5 ) and .11

sal.e~ at.te r two hlgh~ 1:'" cloal ngs a nd Ð highêf o peJl
吞12 } Q,ce liat.ed on Chart C. 。且 也hø eh震 rt !也忘。lf

each dai 主y bar shove 主he open ( en也ry) ￥iith a dash

on 毡hc left 0 = thc bεr. Thc d ash on the r!gh也。f

t.h e bar 1 s 也he close (exi t) .

1 conclud ~ t hat a b1as doea exi~乞 王rom open

乞。 c1 0$. . as ovi døncêd by the εtict t.hal man y of

thê patterns proõuce 60弹 。r bø乞 tèl" r csul t a.

Rega rding t h e .ystems ( 9ro~s prot1ts a古e hlgh

e nough on SOnte to varrant i.I sys乞e-:ll trade .

Ho....evar. 宅hat i . not the b.st ap?l ic掬 tion . Ðctter

sys terne dò ex1s t a nd 1- r cCommend f utther reaea r:c h

u s i n9 tho most p.t'Ofltable pat二ter.ns 8$ thê fO CU9 of

the reseèlr .ch. N'ote pa't t二erns 5 , 9. 12 , 13, 21 , 24.
25 , 29 , 301 33 , 36 , 14, 45 , 52 a nd 53 al l OÎ 田'hich
vi11 provlde a good S急art in eys己êa <!Qvel.op鹤.n毡 .

Somc pcactic:al app liclltlons. are to c oord!nate

tñe p. t terns with 径。ppore/resist anco ， angl~8 nnd

tre'nd 11nes . For in每 tønc9 f an open on an

lmpor t.an也 anglC of support wnen ~ s t r ong upwb rd

b ias i. 1nè:icε ted incrcases the validity ot the

怠uppor也.访atch action around the open 筐。r

confirmat i on o f the b ia s before cn毡~rinq a 也 rade.

An。也her apþlica tion 1s 1:.0 place Qtops to enter
j \l-5t above or b崎lOw l~hE! oPQn in 忘he ði rec乞 10n of

t l'te bj as ( ORBP - refêr 乞。 ORll εrt iC10 a lso in tb1s

i s=ue ~or a complet. êxplanation o f this
也eChnjqu.) . Tb主 s shoUl d be dOne carly in thc

aess10n 急。 .，比!c1pate e arly (urgent) Qn try on the

pa.r t o t market pllctlcipapt., . Early ent ry (Detlned

ln Conr.:传 pts Seo:~ ion of t hi s l ,at te-r) UßUAl 1y

r êsults in a. b lg move i or thc day

'I'h& pa毛2二crn3 eañ al so be u sad to enter vhen a

t rend has bee n def1neó . :orι飞amp!e ， pa毛tèrn 靠:45;

a buy atter t二hree up days . a 10'11安 r day and a lover

。pen ref lec,ts a s t.r o ng up marke t ，...ith 恙 。ne da}"

count er 罚。Ve. 'rhe 豆。vQr open provides an

3&

'MARJ(E'J'

A N"A I .\" I' I ~

A ·山 缸且..U. LU..;'J g.~丸t..2旦旦2 i叫
·e,·-川摇mm 刷刷 ,
~lS I(1t · 棚 II S!lt , n' zh u J S 何t_m 削mm ._l组5
也国主 也卫旦旦 叫M 摇
~L m " 拥m m附 摆
t nu 摆
· g 'ipe--1;:-li"" m阳mm 刷刷mm圳刷
刷
2 ,s " 川 刷门窍mm川剧刷刷刷刷mmmmm川AA川剧mmm川mm刷川剧川
ω 川
2 s " ""
· "
· •凰 "
"
，· 's " 归uw " m
‘ " w
，· •3 " " 刷 m刚
，- " 旧
，· g mm 响削
刷m
· ..$ 刷
· 咐州
辜 m川
" WU " 明阳刷刷 M
n , 叫m州W 川
n , "M 时
u " W 时m
" $ " " 咽白 咄 mm
" " 川
"吁 四 · '$ 例 "" 明
" · " m "例ux"
四 · F $ " m时
e
"· · $ s"""" 阿m 阳
n
"" n e 二 •e t川 "
•, p川 u 阳
n· " ,口 时川阳刷刷
uo - $ ,‘:u p m
nn "
e 山 s m "
e "
u e - •••s辈 附"
"彷 -
- 川 $ M 庐 """" 剖
· W
· 雹 H

un 之 •B " " m
"制"" "
震n" ‘$ H 到 mm
W 明 m
" "庐 号 三一 a ""

， .•••‘,ss

" u •• 川江川二乙 s 制 饵" 白 mm剧恻m山m m叫
nw , s " m明 白
" H mm明 R
饵 n -e· •s """ n m

" 创 军 " "
刊 " "
e· 北 ••••s辜 ""

刊uq - … ,z雹' 们""钊 M 悄咄w 出m
u e· '' U 咄制旧 m时m
e·- m
叩MW妇w 山川 ""驰 " 悄m 叫m
" u
"

" 川 "n " "
" " 曰"
" • 川 … "" " " 咄白山可 川
" • ~ 旦旦 酣m 出
• : 叫M 阳
硝m 明
饵， "H刷刷n" J m 明阳
. 刷 u
"" n
"，
.
每

"

" "" " 旧
" 咐
"

37

M:也息~ 101. "

AN ALYTJC!5

JUNE 8百王U RooCl函
…...., ，,.....‘,.…U'I吨俑'由，.'..叫. I(~. ，，， ‘
."

::，. :~!= !!，山倍 。伊她的.，-:>>: J惕." 9360
9340
4主_.阜血革'"坦坦函 • 9320
9300
Chart C. 9280
9260
'' 9240

or 耐'俨 MW -w
' w如 ?
st - ilhl--41 l
· z俨L -e d 咛‘
· LE 快
x mJ ·W·· -

J 9220

W 9200
M r句 J- '''2··rS'J2r·r2pAgrFOur2d ，、A''8
量 180
·4
;三 ,2i -J· -•446乏·•，，JM- - 9160

91 4-0

9120

心向vγw~'《LFfJ FV ':01

，副

r乓fγ「问、 '$2

!-lo 穹 44ηω 应芫J 气产严-"-._~户♂ ~"'-­ ?

...吨 . :..~ 2

,.ZZ万;，) :东 ;' ;: ' 11 2=E I .. .r: ~ τE → 三-飞亏→了τ言 •
H峙 '陀

38

QXCel lent chanco fo r low r isk e nt r v . Tho
。bj ectlve 1s neχhiqhs f or t.he mOvQ. _No t c the

hlgh !)erc刷出yo profit (63翼). 1 hAve obSêrVQd
tl1a~二 mOS t. o!εhe b.at þr ofits 10 this pat乞crn CO:ae
in s t r ong up急rends . In t t"ad1ng rangC$ i龟 i s nOt
as prof1 Uble .

1 do n。毛 U每é thcse syf.l也IIms I在ethodically i n my

traðing but ~inð th em to be a usetul S乞artlnq
5:'oin也 in sysi巳ê!:t deve!opCI..n乞 . !nCreaseð and

narrov!ng daily ra~qQG can be applied aUCCêssfully
to t he b..ic c!ose/open pa乞毡Qrns 乞。 form I)o:ne vQry
:t'Ql.iabl C ，雪 y .3 乞 Qma . In r .ng.
fa c毡， d all y
di f f e renc.s r91a也 ive t。 乞he prev i OUB day , ôr days ,
maγb e one of 乞 hv aos t i nimpor 乞a n 急C'onc ept. s
$ystent tea也 lng.

39

P?毛 rCE Pl\TTERN STUDIES II
crose to. C-IO$è Patterns

1 0 .tlle p r evious dra:pter; I presen也ed al l:

POSS ì Dl.c two- 乞 b'ru f lv在 d 我y open i:_._" c l ose tυ/C )

patte r:oa. I n t l1is reþor乞 1 have tested all 己"0

t h r u flVQ day Ci Ô$g 1二。 close ( C/C ) þêJ也乞erns . ):;n t ry

有a- B assumed on 之hc. la s 毡 / C l oe- e of 之 he pa毛 tar h v i 乞 h

ûXl.t on 乞h电 nex乞 da y ' 需 close . Stoþs \ltere no t u sed.

Þ. 1 is也 i 09 o-! the pa 也 tern's i s g i ven 1n Tabl~
..6 . A.LQo a c J!art of J une bonC:s 主 s di~p! ('，yed

.h 三 gJll lght 主 ng p~t 乞 ern 军事 24 ， {--争 夺 J

T Jl a ve thιee Ob j ectl ves ln 巳n三 s stUdy. Tn e
:fi L"s.t二 1:: 乞。 d.ete t'mine .he 也!:t0r a bi <:i.:;: ' E;:Xlsts froru

close 1;0 close. Th~毫 second 1S to 三 solate

prOf! 忘 ablé， S }' 笃-t ems. (f tle th主 rd J s - to use the

pa~巳t. erns lH't n a .<!ecl-s 1 ve b 卫动. ，巳。 str羽 cture 急 rh de

Gn乞ry wi毛h oth er tech n i q ues for f;l): ther syste到

de'v钝 lo pmen t.

Tãble B sbo布莓， írom l 'ê f.t to l:î 'g ll t I 乞he

,pa 急 乞 er n n umber tne þa1;.乞 ern 1.乞 ae l f ， ~~ne tJ主er a bUy

。r .s e l _l ;;as t ;:, ken ， 急 he num ber 。王乞 r åd es of 乙 n..

pa tt~rn ， per.cen:t agè proi'l.毡 I and 笆 he 9 roBs . prof 主也.

'f he Jun e Bònd Cha r"急 so。有s fl飞!(;! Þ 9 tterns ('(费

,乞ilru e J \\'l. th a c an-d Q profl乞a ble wni1e _0 and d

werc 1osers. Tnè l p.~t hand corner of the ch~rt

:;;ho w每 an ~xamp l e of 乞nê p at二 tern; { -.~++) a n(f th~

en t r y pOlrlt. On T;::;blè B ，需 "l4r undcr 乞he Pél.t乞e!:'n

cOl'Jmn ~巳né pa 忽忽良_rn { --+寺) S!10'ói-S t '.,;o l ower C! OSlngs
fo l l(n~'ed， by 乞 宵。 h 1g!飞 er cl Q ~驾 云 ng s' a l l rcl a 乞 1 飞ie 忌。

乞 h~ -C10Sé 豆 mme。这 a t. e ly preced 三 ng 句 1 乞En try iias

talien on .t hc ' close of t:h_é l as t- <tay . 1 n 1二h'l-g Cé e;e ,

1 乞 .tl~~ ni q h.er and a sale wa.g lri d ,\ c at.ed. 'L'he t.raae

wa写 exi ted ~m t h e n li:'xt .day ' s close ( 乞he "X" on

l.n -se， r 乞 char 乞 J

去efp.!" t.o t he % prOf! 乞able C'o .t umn 育。r bias alld

veziify 有l t.Jl t hc GrOSS pròfi t column. Thc Largêr

乞he !\UJnbera t )le st ronger the bi a.~ . Large gross

prOf主 ts: ".'1 11 a 1.so give s-ome lndlC己乞工。n Qf 乞h e
s-y-stem's va11di乞y ， bu乞 sl i ppa_ge and commε$ 10n .m\lst

oé sobt.c acted f rom t nê prOf主t导乞。 ge t an -?Cc.urat~
rc-ad 主 ng. This 立毒害 a c c ompl ished l>y tak i'ng 乞he number

。 f t..t' (支 ~éS \l nd mU lc .i plyln吉 by cornmission and

迫 st主 má 乞 ed a l i，ppa宫。 pcr 龟 r a é: è. .Nh~亘 n <'1 s t rpng oi.a s

1s 2nd 三 cated further eystern cteve_l å ptlêot ~a
þ ursued.

The、 "F è :w ，l t~ for the~s e pat 己 erns a rè l e -s:s

主 rnpressiyc: than 乞 hos.s for 笆 ，、 e open 乞。 C1 0'Sé

pa 乞t.er:nS in the p~ evio \l s ' c h ap 乞 e r. Because of the

mürked d 主 t' l: ere'nce ， I. co ncludo 也 ha 乞 tné bias bre~~$

do、.n t he longer the pos i t 1'on i s he生d . l{iSK

l n C l' e~Sêd dra Il;tatical ! y as 2 .nd1c a 乞 è d by 1己 he

sub s t antia l dro p !n g-!"òs.s profi t <5'. On the other

41

h&nô 乞he C/C patterna do prov1da- a vlable

Þeg 1 nn l!室9 f。玄'f ùr也 her system devQ 10p~ ent. In !ac t

thcse p:l龟 te~n s are 乞11(' b c- aU主Chllð o f t 民 e O/C

pa.t. terne.

时hen an oJC Qntry i$ preced8d by Q h1g的

profltab l11ty C/C þa~ eern 也且ere are $009

lnterês ting results. for exaaplQ , patta:n 垂24

t--+~J vas pro fl 也 a Dle ~b~ of thC timQ 言nen

8&1 1!n宫，、，立 t h *10 , /30 qros6 prot1t~ ， On l ts owπ
thl a 1S not tl:l:a t impree: S lv. , ou t. ， 毡 f you 'J. 1. t f or

the néxt ðay . S opgn and S Qll l t if !乞'" /、 igh~r

an<t ex立 乞 。n ehé Cloee ~ne re6uL之s lmpro vé to bb~

prof 主ta ðil i 龟 y a n d. 车 三三， ~44 grOBS pr otl 也 s ， !n

8d0 1 乞 lon ， lf ~二.ne (1ð y oe foro entr}' , t.ne _laat day of

龟 he C/c pat hern , ð 、ride apread day occurrad a nd

t.ne sèll was taken on tne h 主ghc r open t;.ncre 主:; a

4rama 乞 i_ <: !II.p rovem.c- ne . 1:1当荡 pro fitabi 豆 豆 ty W!th

$13 .毡'j'， (，; rQ基 s prO f' l 乞S 00 j UGt a. -t 饥 ird or t.ne

t r ades of 巳h e pr CV lC:lu :事 p attern ，

An ~!>~ Vltl启立 ng >>ystem i a qUl ee ~n

a.eco!lrpll fSh1r.Qni巳 - λvaria tlon of the l ast pa也te<到

15 a 5三10 .lth a I eic stcp a~ovêεn~ o pén.

,R.õu1.ts lte t'舍 as (ollovs .::>2'i第 .inn&rs 育'ith $1U ， 5υO

G roa~ protles nnαa verage Wl nners ~arQ 4 1巳 i meA 1;. r~ e

IJ i Z E!" of avt章 rage- 1015er s , '1'1118 is t h c:o b~gif'ln l ng of

eo~ e e xcellent 1 。布 riak Qn 乞 ry 巳 e r: l'u\1 qucs. I t may

, .diff!cu!t 毡o apprecia忘c the v al Uê Of a sýstQm 百主 th
。nly ~O)) v l oninq t r-ade s but "'-~εh sma!l a r主sk

~eγ 乞ice ， 5υ!r> 10 a r. QxtraorcHnary rE'su l 乞 .

Tn :ilumr.la r: y ， 也 nc s e pa 巳 te rns con be 飞.\eed f or

indlca tion峰 。z' 018111 Qvcry day . l t 1a pL" udent nO乞

也。 巳radO agal nSct tne bla s unless 1 nforlllaelon

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