Running the Triples

Here is more of a strategy than a specific setup . It addresses the markets efficiency and potential failures. I usually do not trade against this as they get taken out almost 90% of the time on the same day....here it is...a simple idea but one that I have never seen written about....if I where Larry Williams I would attatch my name to it..lol...these are much more valid then double 5 minute bars

When you have three, 5 minute bars in a row with a matching low or high that low or high will get traded back to on the same day. I'll post more charts from the past week or so later but here are todays that haven't been traded back to.

There currently exists two of these area in the market at 75.25 and down at the 67 area.....the market is at 1478.75..these basically develop in low volume environments and when the probability fails they become great reference points for targets....more later..here is the current chart...I'm looking to get short...

Originally posted by redsixspeed

looks like we're setting up triples @ 1162.50

well they took them out as fast as they made them correct

that is correct red....somedays it happens like that.....sure seems like we are topping now....

Originally posted by BruceM

that is correct red....somedays it happens like that.....sure seems like we are topping now....

Bruce

When they take them out so soon, does that say there may be
a further move up

I haven't found any pattern in that REd. Yesterday we went 7 for 7 on the triples but only two where worth trading for. An eight set formed in the last 15 minute of trade but the open of the overnight session ran them out...

Originally posted by BruceM

I haven't found any pattern in that REd. Yesterday we went 7 for 7 on the triples but only two where worth trading for. An eight set formed in the last 15 minute of trade but the open of the overnight session ran them out...

Thanks Bruce

Took out the triples @ 1162.00

Originally posted by redsixspeed

Took out the triples @ 1162.00

These were in the same area as that "counter attack" candle
pattern @ 1161.50..LOD so far 1161.25

that's cool red...look at all that volume coming in on the lows too...one minute spikes....lots of numbers down there today...always good to have company!

A look at the triple festival from 12-21 trade...this is bad stuff and doesn't stay in the market long before they get run out.....many times these get clobbered in the overnight trade. Volume has been unusually low so triples form all over the place and become unreliable and risky SHORT TERM daytrading targets but great for a longer term bias.

You can expect to see gaps way beyond these areas in the RTH session and most likely soon. In other words, I would be careful on any long trades up here.