Some tips for this thing that I've noticed while trading it (but consider that I'm using constant volume charts): Cup and handle like formations all over the place... although I commonly see the handle hit a 61.8% retrace rather than 50%. They're not always perfect, but trace highs to highs or lows to lows to get a picture of it. Likes 3 drives patterns, both bullish and bearish. If you pay attention to one pattern, pay attention to this one. I rarely see a straight up head and shoulders, both normal and inverted. Pay attention to where you are, higher highs vs lower highs, etc. even if something appears as breaking out, don't assume it'll breakout from the perspective of a higher timeframe. Be flexible. Give yourself room or you *will* be ticked out. Forget about 10 tick stops and the like unless you're absolutely perfect.
just tried a long but scrapped it. Might try again shortly if it breaks out above 11,800ish. My opinion has been changing about 10 times a minute lol so we will see
Green area is a bounce off zone that I've had on the charts for a week or so (amusingly it's in the 11,*eight* area). If this retraces beyond 61.8% I'll be surprised.
Out at 11,677.50 I was hoping for a 200pt jump or something....oh well LOL. Once it started slowing down I jumped ship quickly
I've gotten screwed many times trying to catch knives in this thing. Once it starts selling and making lower lows, just don't do it. You're way better off shorting on a bounce at that point.
Yeah that is exactly what happened to me yesterday. I was on a roll, then got hit by a train...twice lol