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MIRRORING TARGETS

Chart Forum » Hilarius' Hall Of Fame » MIRRORING TARGETS

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ivor
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Tuesday, March 22, 2011 - 01:31 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hello All,

Thought I'd start a new thread for discussion about setting share price targets using a technique called mirroring.
Selected a share as an example, until a day or two ago never knew of it, or what business they are in. Still don't know. This is pure TA.
However that doesn't matter.
Just saw a posting about in on the short term thread.
And here's the chart -
Without all the squiggles, indicators, bells and whistles.



On Wednesday Nov 3rd the share price spiked to 21c.
Over a period of time the price slid back and consolidated at 14c before it moved forward again.
So the parameters of the trading range over this time was 7c. Adding the 7 to the 21 gave a target of 28c.
Guess where it went to....... 28c.
Amazing. Mirrored target was spot on.
But that's not all ......
During this time it also spiked again to 21c on Mon Jan 10th, and again fell back, this time to 16c.
This then created an additional target of 26c using the same reasoning. The share price then consolidated exactly at 26c. I've often been fascinated in the number of times this Mirroring technique works.
Can't explain it. Maybe have to dig up my old mate Fibonacci and see what he makes of it.
He was a pretty sharp at mathematics by all accounts.

Regards to all
Ivor


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ivor
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Tuesday, March 22, 2011 - 01:50 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Back again with something similar



Going back to a yearly chart now, and the same deal.
For 9 months, this stock traded between 21c and 12c.
This created a mirrored target of 30c on a breakout.

Who can explain it, who can tell me why ?

Regards to all the thinkers out there.
Ivor







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rockon
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Wednesday, March 23, 2011 - 05:09 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



G'Day Ivor...Recognition of basic patterns (in this cae anyway) would give slightly better targets. Using your eyeballs rather than a calculator may be an easier option.One of Guppys' books explains the psychology behind patterns forming.Also, I'm not sure if the target would have been the same from breakout if the prices had have churned between 12 & 21 for a few months without making higher lows , but who knows, you may be on to something here. Cheers.

P.S Maybe not many people will read these posts down here. Try posting your theory in one of the shorter term threads.You may get e few more bites.





(Message edited by rockon on March 23, 2011)


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jaded
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Wednesday, March 23, 2011 - 08:17 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Ivor
It COULD be a Percentage run not so much an amount.
Example-we're dealing with 7 cents in your Capral,right?
14 to 21 [50%] 21 to 28 [33%] and presuming 28 to 35 [25%].

Coincidence?gdd3 has some talk of Gann percentages in Fibionnacci thread that seem relevant.In the late 60's when I was under "instruction" by the green pen wielding auditors of the Knights of the Southern Cross,I too was told of Percentages and their relationship to share price moves.

It's also observable in Channels and those Andrews Fork douvers.
These measure on a parallel a fixed number of cents move but this fixed amount is a declining percentage.
Suppose that's why the best Channel is found on a LOG Chart so the Same Percentage change is found ie A Log Chart would not have the same Amount but an ever increasing Amount with the Same PERCENT on increasing base values.

I don't like conventional channels much.I find as soon as they're confirmed [3 hits top and base]they often break down.
Probably because the percent return deteriorates?


Further I think it's best to keep these discussions here rather than crowd them into Short Term Thread.We're not discussing particular shares or the Method in a particular share but a General Application of Method.

If casual readers don't know or use the latest post function in the left hand corner of the Main Topic Page?
well,they're probably just "Tip" searchers,know not much and care to learn even less.
Don't contribute just take and take.
Not much use,hey?


" Hear what you Say...
But see what you Do!"

Sir Zelman Cowen c 1970.

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rockon
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Thursday, March 24, 2011 - 04:18 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hmmmm, fingers moving quicker than the brain. Really meant to say this discussion would be better in one of the more widely read threads like "Trading Systems" etc.Sorry for the bum steer

Looks like it may have fizzled anyway.


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ivor
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Thursday, March 24, 2011 - 07:48 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Rockon,

You're probably right.
Not many people seem interested in discussions.
Agree with Jaded. Most people are only interested in stock tips

jaded wrote on Wednesday, March 23, 2011 - 09:17 am:

If casual readers don't know or use the latest post function in the left hand corner of the Main Topic Page?
well,they're probably just "Tip" searchers,know not much and care to learn even less.
Don't contribute just take and take.
Not much use,hey?





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azworkinit
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Thursday, March 24, 2011 - 08:07 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hello Ivor,
as a matter of interest would you apply the mirroring tech to THX as it stands at the moment. Just as an exercise as im not quite getting d'gist of the maths side of it, Rgds Az.


"Success is a lousy teacher.It seduces people into thinking they cannot lose."BILL GATES.

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ivor
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Thursday, March 24, 2011 - 08:54 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hello Az,

Still working on the technique, and am trying to build it into a trading system as something of an academic exercise.
But needs a lot of work yet.
(I like suduku, crosswords, cryptics, puzzles, etc. It's a hobby.)
Don't profess to be an expert in it.
Just been surprised how often it appears to work.

By my observations it appears to work this way -

1.Falling price.
2.Price spikes up over a period to form an intermediate high.
3. Price retracts to a spike low and tends to consolidate.
4. Move up from consolidation usually with volume.
5. Target is difference between 2 and 3 added to 2.

Have been surprised how often it works.
If it fails, often a new set up is formed.
Haven't tested the theory in real time yet, only on historical charts.

Also interested in any other comments people would like to make.

Regards
Ivor




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whiteowl
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Tuesday, March 29, 2011 - 11:10 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Ivor
I am 100% in agreement with your Mirror approach
To me they are an integral part of the Support / Resistance horizontal stepping up or down seen on many charts.
The classic DH&Shoulders and Mirror target could be quoted.
I always do equalized Hoz SR bands (compliments to Dolphin) on my charts now
Cheers Owl


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gdd3
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Wednesday, March 30, 2011 - 10:32 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hey Ivor and Owl(thanks for the 'accolade')...here's a great example 'in play'....ZGL

Nice little 7c "increments" but sometimes she just 'goes' through them(44.5c) but, hey, I don't mind because that usually means you just 'raise the bar' to the next increment.
In this case, 51.5c but I'm looking at 48c( next 1/2 increment) as a possible strong resistance level in this advance as we have some good Fibo extension and wave equality points coming in there also! So close to there already.



Dolphin


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gdd3
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Wednesday, March 30, 2011 - 10:38 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Damn I.C. 'Chart Save' restrictions; I see the "Fibo" levels didn't come up on the above chart so hopefully the "close-up" will do the trick!



Yep, that's a bit better....but only get 1/2 of them!

Dolphin


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ivor
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Wednesday, March 30, 2011 - 01:56 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Owl,

Must admit I missed the H&S pattern.
Too busy playing with the mirroring targets.




What does equalised Hoz SR bands mean?
Obviously missed that as well.
Thanks Owl

Regards
Ivor


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gdd3
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Wednesday, March 30, 2011 - 02:36 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Ivor...have good look at my ZGL charts above...

Hor. SR bands{ = Horizontal Structural Range Bands.

Cheers
Dolphin
}

(Message edited by gdd3 on March 30, 2011)


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whiteowl
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Hi Ivor

My comment "equalised Hoz SR bands"

Read my comment as drawing equally spaced horizontal support / resistance channels.
THX might be seen as having 40c, 60, 80, 1.00 channels
(depending on how much Red was consumed)

Cheers
Owl


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whiteowl
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Wednesday, March 30, 2011 - 07:26 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hey Ivor
I just spent 20 mins doing a lovely chart and typing comments for you on BKP .. mirrors 9,16,23,30
Then I had an unfortunate 'IC Moment' and lost the lot.
Have a squiz .. and will the mirror 'break' ?
Cheers Owl


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gdd3
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Thursday, March 31, 2011 - 10:21 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hey Owl et Ivor...

Another one that is shaping up well is PRR....5.5c-6c increments ...9,15,20.5, 26.5...32.5c?. Now she's come from the 20c mid Mar. recent swing low fairly fast(like most of the market) so short-term oscillators are "screaming" overbought and therefore a bit of profit-taking is on the cards but if 24.5c(pink) support holds I think the odds look good for our "mirrored" next range target of 32.5c being reached soon.

}}



Now, Owl, I'm a bit weary of BKP(0.9,1.6,2.3,3.0) as my BKP chart clearly shows she didn't like the lofty heights of 3.0c...and I'm not to keen on the very large share base; you are really 'force' to hit the bid or offer whenever you trade it as joining the queue may be a lost cause!




I'm out of my ZGL this am ...met that 48c+ level I mentioned above and happy with that....question here will be if she continues straight on to 51.5c?

Keep looking for your "mirrors", guys!

Dolphin

}}

(Message edited by gdd3 on March 31, 2011)


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ivor
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Thursday, March 31, 2011 - 10:31 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Owl & Dolphin,

I assume this is what you mean by
HORIZONTAL STRUCTURAL RANGE BANDS.
(Haven't heard it called that before.)
Seems to fit in somewhat to mirroring concept.




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colin_twiggs
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whiteowl wrote on Wednesday, March 30, 2011 - 07:26 pm:

I just spent 20 mins doing a lovely chart and typing comments for you on BKP .. mirrors 9,16,23,30
Then I had an unfortunate 'IC Moment' and lost the lot.




Whiteowl,
If you lost trendlines or captions, please download and install the latest beta version so that we can better track the possible causes.

Regards, Colin


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whiteowl
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Thursday, March 31, 2011 - 10:58 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Colin

Hope you are well
I had an IC moment (not IC)
The problem was definitely my user error !
I tried to load a .png that was 680 wide and failed the pop.
And I my cancel / recover was poorly executed.
Sometimes I do my Post in 'Word' and cut and paste it into IC when im done.
I should do that more often.

Cheers
Owl
Hey .. Is your Metastock EOD Data feed project still progressing ?


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colin_twiggs
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Hi Whiteowl,

The EOD Metastock data feed is making no progress at present. You can obtain the same EOD feed from our data supplier, Norgate.

Regards, Colin


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gdd3
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WAF....is almost there at the close...right on her "mirrored" (range) target....1st identified as a distinct possibility back with discussions on the TAZ thread after entry on Mar.18th. Anyway, the question here is...will that stop her for now???? Time will tell but, personally, I'll exit some here and have a tight stop(probably below 59.5c) on the rest.

Its been a good trade but some credit(already acknowledged) I give to Elizabeth for 'bringing her to my attention again'.






Cheers

Dolphin







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gdd3
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Wednesday, April 13, 2011 - 11:24 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Just another way to use "Mirrored Ranges" can be illustrated by having a look at the chart for MGX since the Oct.08 Swing Low for the stock. Now I know its going to first appear as a "jumble" of lines but I have tried to 'colour' co-ordinate the different ranges to make it a bit easier.

Firstly, what I'll call the "UPTREND CHANNEL VIBRATION/MIRRORING", if you focus on the(thick red) uptrend channel this, as you can see was simply 'identified' by drawing a support line from that Oct.08 low that initially picked up the 1st higher swing low(Dec.08), then the Mar.2010 low and, after an ever so slight adjustment, the important** May.10 swing low. When extended is was to provided the location of the most recent swing low(well within 3 cents)...all in all a fairly reasonable trendline support it would be agreed. Now the upper boundary of the (thick red) uptrend channel was established as a simple parallel of the uptrendline to 'cover' the widest swing range(April.10 to May.10) thus far once we had the May.10 swing low in place. It was at this point that we could project favourably, not only forward to form support and resistances for the new main trend parameters, but also to 'prove' that this 'vibration' also picked up many intermediate swings going backwards to the start of the trend. By this, I mean, if you can 'identify' parallels(shown here as pink lines), in this case simply 25% of the widest width, and see that these breakdowns did pick up many previous intermediate swings then you can be 'comfortable' that the 'vibration' you have identified is indeed reasonable and valid going forward. So that takes care of the 'simple' UPTREND CHANNEL VIBRATION/ MIRRORING.

Secondly, what I will call "CORRECTIVE CHANNEL VIBRATION/MIRRORING"(the blue trendlines), are really constructed mainly to pick up resistances for lower highs and supports for lower lows within the major uptrend channel(between the thick red lines, remember). **Now that important swing low in May.10 was at a confluence of trendline supports(the main {red} uptrendline and the lowest {blue} trendline that was established by joining the series of lower swing lows first started at the intermediate swing low on the 9th.Dec.09). Once we had the 1st higher swing low coming out from the May.10 low we could draw a series of parallels going forward with the same price range and you can see that this is also a 'reasonably' reliable range(or vibration) for projecting swing runs in MGX. We had another 'confluence' of these two trend ranges coming in at the recent swing low(mid Mar.) so it was not surprising it gave a hint of another swing change.

The third 'vibration'(in yellow), what I have called "(HORIZONTAL)STRUCTURAL RANGE VIBRATION/MIRRORING" is the one that mostly illustrated here on this thread and is really self-explanatory. I believe the one I have identified here(36c)..and that's simply the 1st range out from the major swing low(Nov.08) that gave the first intermediate higher swing high than the last intermediate lower swing high in the downtrend (I'm referring to the 23Dec.08 swing high verses the 5Nov.08 swing high). Now this range proves very valuable in not only identifying pressure points for possible intermediate swing points but also wave ranges that run that are not started or completed within the yellow lines. Admittedly, I am surprised how long this range has been so useful.

In summary, I'm hoping you will agree that by using all three types of "MIRRORING"(VIBRATIONS) it can be a simple and useful tool in identifying possible "hot spots" and I'm hoping I have 'stimulated' some traders here to utilise all three to find some of those important "confluences" of supports and resistances in the stocks they are interested in.





Cheers and Good night!

Dolphin


P.S. For what its worth, I see that MGX has bounced(held support)from very near a 25% uptrend line and the Structural support but is also providing a Secondary TAZ set-up in today's action with a higher vol. than yesterday so looks good for at the very least a short-term rise from here...but whether the upside (blue) resistance line again proves too strong or is about to be 'swept aside' remains to be seen. Its simply a case of running through the potential "risk/reward" numbers at these levels to determine if it could be worthwhile.

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