How to Trade a Scythe Pattern (SPY used as example)
已更新
I see these all the time on 5-m charts. I attribute them to algos trading shares with each other. The way price action advances and declines (and the speed), leads me to believe computers performing high speed day trading with one another. That aside, be on the look out for them! They can sometimes be a wonderful tool to predict a large price movement in short time. I've included a 5-m chart of this pattern below. Refer to it after reading:
To trade the Scythe Pattern:
SHORT when you see this pattern after an uptrend or high (like the example illustrated below - SPY 2.17.2021), go LONG when you see the inverted scythe at the bottom of a downtrend or low.
I treat it as a modified cup & handle. I use the measurement from the base of the scythe beard (lower left edge) to the top of the blade (see rulers in image below) I regularly see this pattern break out above the tip (fake out) before ripping in a cascade fashion lower. Look for this pattern where you see price cascade on lower time frames (1-10m). The tighter the price action in the scythe blade, the more accurate the results. I have not tested this pattern on higher time frames, but I am currently doing so with some hourly/daily/monthly charts I've identified.
More often than not , I spot this at a high and realize that I should either avoid going long or open a short. This pattern wrapped up the trading session on 2/16/21, predicting the gap down to follow. Again, the dynamics of the scythe are much more clear on lower time frames. So add the scythe pattern to your tool chest and let me know how you like it.
Enjoy!
To trade the Scythe Pattern:
SHORT when you see this pattern after an uptrend or high (like the example illustrated below - SPY 2.17.2021), go LONG when you see the inverted scythe at the bottom of a downtrend or low.
I treat it as a modified cup & handle. I use the measurement from the base of the scythe beard (lower left edge) to the top of the blade (see rulers in image below) I regularly see this pattern break out above the tip (fake out) before ripping in a cascade fashion lower. Look for this pattern where you see price cascade on lower time frames (1-10m). The tighter the price action in the scythe blade, the more accurate the results. I have not tested this pattern on higher time frames, but I am currently doing so with some hourly/daily/monthly charts I've identified.
More often than not , I spot this at a high and realize that I should either avoid going long or open a short. This pattern wrapped up the trading session on 2/16/21, predicting the gap down to follow. Again, the dynamics of the scythe are much more clear on lower time frames. So add the scythe pattern to your tool chest and let me know how you like it.
Enjoy!
評論
SPCE just printed a scythe on its hourly chart:
評論
Correction: The lower left point on the blade above is called the heel, not the beard. On a 5 min chart, the blade is almost always formed by a single candle (like the one pictured above), rising from the heel.評論
評論
And there she goes: 
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