chimneys
more from kane.. in my private files i have close to 100 examples of this setup... i learned it from tim morge who runs the marketgeometry.com forum. it is called the chimney... and yes i usually mark them up in this goofy way....
the market is manipulated to create a screaming short covering- buying panic.. then price trades straight across with a few spikes that dont hold to create the ''flues'' of the chimney... in every instance in my files, price returns to the base of the chimney. that was my expectation in the uso and i showed it in advance... and that is what happened.
the market is manipulated to create a screaming short covering- buying panic.. then price trades straight across with a few spikes that dont hold to create the ''flues'' of the chimney... in every instance in my files, price returns to the base of the chimney. that was my expectation in the uso and i showed it in advance... and that is what happened.
Click image for original size
Click image for original size
I have never seen this pattern named like this before but it reminds me of a head and shoulders a little bit.
no...the difference is the straight sides of the chimney. straightup straight across with flues(sometimes the flues are almostunseeable) straight down..it is a well known setup to the snp traders to catch the public looking the wrong way..at the final top in the spy chart i am about to post there was a chimney on the 5 min that in no way looked like a '' head and shoulders'' that i was pounding the table for my fellow traders at the kane forum not to ignore as it set up.as it turned out, that small chimney, at the line from bigger set was '' the'' top'' for the past swing.
roofer: Do you or Kane actually make money consistently by trading with these charts full lines, boxes and indicators all over the place? Why do people try to make trading such an esoteric and complex endeavor and then scratch their heads when the theories don't work?
Floor traders don't look at all this astrology--they look at price. When they leave the floor and "go upstairs" to trade behind a screen with charts like these, they learn to start losing money.
T Rex
Floor traders don't look at all this astrology--they look at price. When they leave the floor and "go upstairs" to trade behind a screen with charts like these, they learn to start losing money.
T Rex
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