Flash Cards Etc.

I decided to relax today. I ended up spending some time with the market and getting some errands and chart gazing time in.

Scott's post today re. chart patterns was pretty insightful. And as it happened, the first trade on TNA using the patterns he outlined was a big winner (actually it was the second, because when it failed, I reversed). I spent some time this afternoon going thru several stocks and drawing lines. I came up with 64 flash cards. Some show patterns failing, some show patterns fizzling, some show patterns with big gains. Some don't show any patterns at all. I thought I would include those just as reminders that I should be selective.

I printed them to pdf and they are available for download here. They are all white background and printed with volume, 7 and 17 EMA's and the 15 minute candles. Unfortunately, they are not live shots, so they were all made in EOD context, but its a start. I added a few to this entry for a preview.

I plan on saving intra-day real time snapshots and building another portfolio that I can use for a new flashcard set.

I think I am going to spend the next several days looking for and trading stocks showing these patterns. For exits I am going to try and think of it as a learning experience, giving/allowing myself plenty of time to fine tune my exit strategy.

The patterns definitely change my perspective. I have always approached and studied Scott's entries/exits by focusing on the single candle (what made it special?) or looking at the one or two candles behind it. I moved from this to trying to reconcile/justify the entry/exit using the Q's and 15 minute candles. The patterns definitely broaden the 5 minute context.

I mean, I know this works...

Keep on trading.

Flash Card Examples: