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Dragons work in all timeframes and in all types of trading instruments.
ENTRY1:ONCE second leg is confirmed(4)...DRAW TRENDLINE from head(1) to Hump(3)..I prefer to draw it as neat as possible,with no outside points until 4 is formed,but really there isn`t much difference if we draw it straight trough the hump..remember,until 4 is not formed we don`t have the pattern...ENTRY is done when prices CLOSE above the trend line.
ENTRY2:when prices CLOSE above the HUMP level(3)
STOP:a few ticks below the lowest of the 2 legs,in this case,below 2
TARGETS:1-127% OF the second leg range
2-A previous swing high point
3-at or near the head level 1
You can chose,entry1,2 or both ,splitting your order size in 2...though I personally prefer 1
You can chose any of the targets,by themselves (close 100% of the position at a target level)or as a combo...though I personally use my common sense and if there is a previous swing high located near the 127% point..I chose that area as target area and,when there,I micromanage.
Will try to pick some Dragon in a smaller tf so that I can show you actual trades and my reasoning behind them..or if you find any please feel free to post it here.
The chart shows a textbook example of a Dragon pattern with target at 100% of the range for Crude Oil daily bars...I will look for some failed patterns too and will tell you if I believe we have some means of differentiate beforehand between them..will try to find actual ones that we can trade live or forward demotrade.
Thanks for starting this thread...I have always been interested in trading price patterns.
I ordered the book this evening.
I may be getting ahead of myself but are there any plans to program recognition of these patterns into MT4?
Rick,some of the patterns are easily codifiable,others not so,personally,I am a manual trader so,it is not a priority..my priority is to show a few of the patterns and try to devise how to use them
better,filtering out the situations where they have low probabilities of success.If this endeavour is successful,I presume it could attract the support of coders in order to automate their recognition.
We have a Dragon at GJ m5..I entered a short at 212.59 ,stop at 212.95..target 212.25...let`s see if it works or not...additionally we have a potential dragon at m15 too,buy this latest is not yet developed.
Please see attached
Why did you see in this book that it´s different from others, like Pasavento Books, Scott Carney, Thomas Bulkowsky, etc.
I have to ask because I have half dozen of pattern books and to buy a new one I need to feel it have something really different.
Linuxser,I have all the books you mention too...What attracted me to this book was the fact that all the reviewers mentioned that the key difference
between Suri´s book and others was that this book has a clear set of guidelines on how to trade each pattern..entry,targets,stops,etc..he uses 65 chart patterns that are profitable in his trading...and I have chosen a selected few that I feel comfortable trading.
So,basically 2 differences:
1-No encyclopedia of patterns..just the 65 patterns that a protrader uses consistently in his trading...battle tested patterns
2-Clear entry,exit and management rules for each of the patterns
My idea for the thread is to forward test a few patterns,already started with the first one,to see if either by themselves,or in combination with additional trading tools(ie,in my case,mostly digital filters)they are as profitable as seem to be..if you like what you see,or not ..you can make an informed decision.
We have a Dragon at GJ m5..I entered a short at 212.59 ,stop at 212.95..target 212.25...let`s see if it works or not...additionally we have a potential dragon at m15 too,buy this latest is not yet developed.
Please see attached
Trade was stopped out at a loss of 36 pips..I love to check why something failed...I don`t have an answer yet..BUT..potential reasons:
1-M5 is too noisy a tf...Not so..."all markets and timeframes"
2-trend?..I define the trend using the stlm2..so,I checked both m5 stlm2(supported the trade)..and the inmediately higher,m15..was against the trade..check pic...so,we have a potential way of improving the pattern(starting hypothesis..higher tf trend must be supportive?)..let`s see.
Additionally,we still have a potential Dragon in the making for GJ M15..so,we will probably be able to test this pattern again,very soon.
If you find any Dragon "in the making" or already made,please feel free to post it.
Linuxser,I have all the books you mention too...What attracted me to this book was the fact that all the reviewers mentioned that the key difference
between Suri´s book and others was that this book has a clear set of guidelines on how to trade each pattern..entry,targets,stops,etc..he uses 65 chart patterns that are profitable in his trading...and I have chosen a selected few that I feel comfortable trading.
So,basically 2 differences:
1-No encyclopedia of patterns..just the 65 patterns that a protrader uses consistently in his trading...battle tested patterns
2-Clear entry,exit and management rules for each of the patterns
My idea for the thread is to forward test a few patterns,already started with the first one,to see if either by themselves,or in combination with additional trading tools(ie,in my case,mostly digital filters)they are as profitable as seem to be..if you like what you see,or not ..you can make an informed decision.
Well 8 posts deleted due to the usual visitor escaped from a mental ward..additionally,the guy,el cid aka oilyfxpro,has been banned for 1 week from the forum due to other faults at other threads....
Congratulation Simba on the thread, there is always something good and useful to learn from you, I am happier that Oily was banned “even though it’s for one week "
I am looking forwards to see your comments on the patterns
..you can make an informed decision.
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