This morning, I was asking a group of traders who are not so familiar with chart patterns to guess SiMSCI chart pattern.
Do you know what pattern is this?
The answer is: Head & Shoulder
After recognizing the pattern, how to you make good use of this knowledge? Many people learnt a lot of these knowledge through attending courses after courses, reading plenty of trading related books as well as watching lots of online youtube about trading.
How do you put what you have learnt into practice?
In JG Sniper Club, we believe that market will need to "rest" after a run (a run can be long can be short. The further it drag without resting, the higher the probability of the exhaustion patterns to be profitable).
Let me take this evening crude oil as example.
A beautiful H&S formed this morning at PAPLine-R2 as well as Sky (Right thing happen at the right place). It then went all the way down to H&S profit target zone, PAPLine support zone as well as Land.
7pm, all snipers will start work, price are still at Land as well as below PAPLine-S3. Another example of chart pattern formed at the support zone (right thing happen at the right place, at the right time).
It took the price 20 mins to reached it's target profit (~7:30pm to ~7:50pm). As always, I would like to remind traders, it can be your income only when you know your trading edge and act only when the trading edge appear.