Hail Mary Pattern Setup
October 1, 2011 5:01 PM

Hail Mary Pattern Setup

HailMary Setups are rare but when they do occur they are quite reliable. Hail Mary Pass is referred in ‘American Foot Ball’ as very long pass in desperate situations.

Here is my prior post about HailMary with rules on its detection and trading.
http://www.tradechartpatterns.com/?p=512

On Sep. 29th, ES was selling off until late 3pm. I was lucky to find the bearish setup and started shorting every time it reached Mid Band. The last time it reached mid Fib. Band and attempted to close above I started to see the HailMary setup. Around 3.30pm, ES dipped below mid Fib. Band for last time and started to rise. I waited for price to close above the GlobexLow (1141) to confirm the potential HailMary trade setup. Also noticed ES started to ramp up the speed and closed above prev. Low (1143.5). This is a clear sign that ES may be setting up for much higher close. At 4.00pm, ES hit the high of 1157 (near Pivot).

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