Chart Patterns in .NET framework

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Chart Patterns
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Higher open Once a market gaps lower, place a buy stop above the previous day s low. Once a market gaps higher, place a sell stop below the previous day s high.
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Lower open
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FIGURE 5.17
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alize that the market s price may possibly have overreacted to the initial news or event that created the gap in the first place. The oops signal capitalizes on this fake-out situation. What makes the signal work is that, as traders return to a rational state and reevaluate the impact of the event on market values, prices are susceptible to a reversal that can move values back in the opposite direction of the gap. These reactions tend to work better in countertrend conditions for example, taking a sell oops signal in an uptrend. The oops signal is like a key reversal described in 3. The market gaps higher on bullish news but fails to maintain momentum and reverses lower. If traders get suckered into a long position based on the bullish news and then see the market head lower and below the previous day s close, they are likely to conclude, Oops, scramble out of the long position, and maybe even sell short, compounding the force to drive prices lower. Using a stop order to enter a position in the opposite direction of the gap reduces the risk of a true sentiment change in the market based on supply or demand conditions. If the event produced a true change in market value, the opening gap might be a breakaway gap condition described earlier in this chapter. A stop order would prevent you from getting in front of this freight train that may be the start of a big move. Figure 5.19, the mini-sized Dow futures contract, illustrates two classic oops signals. The first one shows a higher open in an uptrend, so a countertrend sell stop was placed a few ticks below the prior day s high. This trade would have been a very nice position trade for approximately 400 points if the stops were managed effectively. The second oops signal occurred in a short-term downtrend, so a buy stop was placed above the prior day s low for another countertrend trade. If you were to hold this position more than one day without proper stop or risk management, a nice shortterm trade could have resulted in a loss.
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CHART ANALYSIS: Volume, Open Interest, Price Patterns
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Sell stop placed below high and close.
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Oops signal opens higher then trades lower.
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Buy stop placed above low and close. Oops signal opens lower then trades higher.
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FIGURE 5.19
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Profitable oops signals on mini-sized Dow futures. (Source:
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Day session open gives selling opportunities for most of the trading session and stays below the open for a majority of the day.
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FIGURE 5.20
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Opening range breakout pattern. (Source: FutureSource. Reprinted
Chart Patterns
Opening Range Breakout A second pattern based on the open is the opening range breakout method described by Larry Pesavento, another master technician and trader. The opening price will be near the high or low of the day 67 percent of the time, according to Larry. Usually it is within 10 percent of the exact high or low. This is valuable information for a day trader, who wants to be a buyer when prices are above the opening range and a seller when prices are below the opening range. Figure 5.20 reveals how this concept works on a 5-minute chart of the mini-sized Dow futures contract for December 2, 2003. Note that the market did trade for the majority of the day below the day s opening range, which was near the high of the day. Figure 5.21 is a daily chart of the same contract so you can gauge the scope of the daily range and see prior historic values. More important as it relates to this concept, look at how many times the open is, in fact, near the actual high or low for the day.