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the interpretation and application of price action concepts

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more  Jerry's Dragon examples 


Here is a pattern that I recognized some time ago. The thing about it that makes it so interesting to me is that it clearly identifies elements of support and resistance. I call it the "Dragon", it could be horse, could be a dog, Dragon sounded better to me. This pattern identifies short term reversals in the trend which are very tradable. If you look at the first gif which labels the key elements. The Back will always rise to test the Bottom of the tail-hook (support/resistance). After the second leg is in place you can buy the breakout of the Back price. Now here is an interesting point That breakout will rise to the level of the top of the tail (support/resistance). If the bottom of the head does not come down and violate the top of the back we have a high probability of continuation. Check this out for yourself before trading this setup. Attached along with the diagram are several examples from yesterday.

Regards Jerry


The following chart was just posted by Larry Pesavento as one of his trades of the year using of course his Pesavento patterns. When I saw it I could not help notice "The Dragon" pattern so I figured I would mark up the pattern and post it. Some astute traders may notice that the legs of the dragon are nothing more than what is referred to technically as a "W" bottom but the key is that "The Dragon" encompasses support and resistance before during and after the Bottom.
Once your mind begins to see the dragon you will start to key in on the support and resistance areas which are the elements of "The Dragon" and that will tell you to how it will unfold preparing you for the trade. Also, note that this is a daily chart. All of the other examples I have posted have been short term tick or minute charts. This pattern occurs on all time frames.

Jerry War




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