Posted On: 07/31/2014 3:57:49 PM
Post# of 777
ELRA: I posted that following pattern had formed - BULLISH DESCENT BLOCK: This pattern consists of three consecutive black candlesticks with consecutively lower closes in a downtrend. It is the compliment of the Bearish Advanced Block Pattern.
http://www.candlesticker.com/Pattern.aspx?lan...ttern=3108
The pattern formed on the 29th met all the criteria for Bullish Decent Block except #4) -
The last two days have long lower shadows.
The lower shadows had grown longer over the 2 trading days, but the wicks were not long.............a 0.0057 close instead of a 0.0050 close would have created a long lower wick........I posted the pattern was forming "intraday"..........I'm an abstract chartist...........I go by the philosophy that the pattern doesn't have to meet the criteria 100% to give the proper signal.........if you research this topic you'll find lots of debate and differences in opinion on this topic............in my opinion if you keep your thinking confined to a box you will miss many opportunities...........that said, if you did not agree w/ the Bullish Decent Block pattern call the following day, the 30th, a Doji was created forming Bullish Harami Cross reversal pattern.......
BULLISH HARAMI CROSS: This is a major bullish reversal pattern, which is even more significant than a regular Bullish Harami. The outline again looks like a pregnant woman, as with the Bullish Harami Pattern. However, now the baby is a Doji. Basically, the pattern is characterized by a black body followed by a Doji that is completely inside the range of the prior black body. more....
http://www.candlesticker.com/Pattern.aspx?lan...ttern=2103
Today's green candle & higher trading share price is confirming both patterns..........regardless of which pattern you prefer today's action is confirming the bullish reversal patterns..................$$$
[chart]stockcharts.com/c-sc/sc?s=ELRA&p=D&yr=0&mn=1&dy=0&id=p10951191755[/chart]
http://www.candlesticker.com/Pattern.aspx?lan...ttern=3108
The pattern formed on the 29th met all the criteria for Bullish Decent Block except #4) -
The last two days have long lower shadows.
The lower shadows had grown longer over the 2 trading days, but the wicks were not long.............a 0.0057 close instead of a 0.0050 close would have created a long lower wick........I posted the pattern was forming "intraday"..........I'm an abstract chartist...........I go by the philosophy that the pattern doesn't have to meet the criteria 100% to give the proper signal.........if you research this topic you'll find lots of debate and differences in opinion on this topic............in my opinion if you keep your thinking confined to a box you will miss many opportunities...........that said, if you did not agree w/ the Bullish Decent Block pattern call the following day, the 30th, a Doji was created forming Bullish Harami Cross reversal pattern.......
BULLISH HARAMI CROSS: This is a major bullish reversal pattern, which is even more significant than a regular Bullish Harami. The outline again looks like a pregnant woman, as with the Bullish Harami Pattern. However, now the baby is a Doji. Basically, the pattern is characterized by a black body followed by a Doji that is completely inside the range of the prior black body. more....
http://www.candlesticker.com/Pattern.aspx?lan...ttern=2103
Today's green candle & higher trading share price is confirming both patterns..........regardless of which pattern you prefer today's action is confirming the bullish reversal patterns..................$$$
[chart]stockcharts.com/c-sc/sc?s=ELRA&p=D&yr=0&mn=1&dy=0&id=p10951191755[/chart]
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