Lower highs, lower lows, looks like its going down. Also get that volume profile off your chart, it doesn't help.
I have my other formations that are far more pertinent to short term trading that I utilize in my decision process. But I still like to mess around with these silly formations. I also started doing this pretty young and still can't shake off the "let me see if this works" attitude. Nonetheless appreciate the feedback. It would be nice if the cup works. I have a bunch of other confluence levels there. Just so happens to work.
T This chart is hidden behind my 60 min so I don't use her often. If I did I would take away the vol.
What doesn't help some traders may help others. You saying it doesn't help may mean it doesn't help in the strategy you utilize. It may very well help in someone else's strategy.
When looking at your chart, it obstructed my view of price action. It's like trying to predict the weather from behind frosted glass.
We like to know why kind of day it will shape out to be. Determines whether or not we would like the system to run on a bracket or not.
We have expected ranges for the day. If they are broken then we like to use brackets after our expected ranges are broken.
I don't think this is a cup and handle - its just a range. In fact on some of my medium term charts things looked slightly bearish more than anything if I remember right. There's a continual liquidity area around 59.30 for weeks now that price likes to return to and then bounce off of. And whoever said remove VP I disagree. VP is significantly useful.