A fresh start! Doji's Trading Journal
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- newscalper
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Check out all the yen pairs on the daily. So many have gone up in a parabolic fashion...I think there should be some short opportunity in the next day or so. IMO, we could drop sharp to match the rise, or have a small parabolic drop that leads to further gains again.
This is just me looking at previous patterns like this and trying to form a plan if price decides to follow that route.
This is just me looking at previous patterns like this and trying to form a plan if price decides to follow that route.
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cwn6161 wrote:I can't post pics right now, but if you are interested - check out EURUSD in September of 2011. Parabolic move down, followed by a smaller parabolic move up. Price then slams back down again.
Is there a formal name for that pattern? I suppose its a form of 1-2-3 or a hook..
If you're talking about the overall pattern that's evolving on the daily chart it's a head and shoulders. I wouldn't read too much into that apart from the price levels.
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