Trading Sea Horse Pattern

WYNN-Daily L=93.60 -1.43

WYNN-Daily L=93.60 -1.43

60.00

58.00

56.00

54.00

50.00

48.00

46.00

44.00

JiiID5

0ctT>5

60.00

58.00

56.00

54.00

50.00

48.00

46.00

44.00

JiiID5

0ctT>5

Trading Sea Horse Pattern

The example above shows a "Sea Horse" pattern from the Wynn resorts (WYNN) daily chart. WYNN traded from a high of $58 to $46 and formed the first phase of the "Sea Horse" pattern. Then it retraced to $52 before declining to $42 to complete the pattern. In November 2005, WYNN traded above the "Sea Horse" retracement level at C (at $51.50) to give a long trading opportunity.

1. Enter a "long" trade above the C level (at $52).

2. Place a "stop" order below the low of the retracement at B level ($46).

3. Place a "target" at 100% of ränge (from C to D) at E level to $60.75.

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