How Many Times will the SPY SP500 Repeat the Same Pattern Intraday?
Maybe you’re asking the same question as I am: “How many times will the SPY repeat the same script/pattern?”
What pattern is that, you ask? Take a look at my prior post:
“Three Days in a Row Yields SPY Pattern Profit… or Peril.”
And… it happened again today (February 19, 2010).
The general script is as follows:
Morning Weakness
Morning Rally into 20/50 EMA confluence
Break Through EMA confluence
SHARP rally higher into new highs of session
5-wave Fractal into Negative TICK/Momentum Divergences
Sell-off/weakness into close
Without going into full detail or description (that’s what the subscriber Idealized Trades Reports are for), I wanted to show the charts of some of the recent days that exemplified this pattern.
February 11, 2010:
February10, 2010:
This type of historical pattern analysis is what I call “Character” or “Behavior” of the market, and it can give you the edge over other traders who do not take the time to study type-of-day structure and ‘characteristics’ that are occurring (as in what patterns, strategies are favored right now… and which are dis-favored).
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Nice stuff, thanks Cory.
nice observation.
I also revealed two similarities in the last sessions.
check out last S&P 500 futures ($ES) session hour on friday, 19/02, and on wednesday, 17/02.
Bullish internals; $add posting higher high; but ES firstly sliding to VWAP and than sharply pulling back to the upside.
nice observation.
I also revealed two similarities in the last sessions.
check out last S&P 500 futures ($ES) session hour on friday, 19/02, and on wednesday, 17/02.
Bullish internals; $add posting higher high; but ES firstly sliding to VWAP and than sharply pulling back to the upside.