Actually, Yes...Here is a classic H&S that occurred prior to the meltdown, but if you're going to ask me if I played on it , the answer is NO. I can't count how many H&S's we've had on the 240 min chart that failed, and even if I did act on them, I would have only taken a handful as I use it as an anchor in conjunction with the daily to make my intraday decisions. TA only works when you understand the markets intent.
Everyone has a logical, and perfectly rational and smart, answer while looking at charts casually in hindsight. But what matters is the present, dynamic dance in the market...the market is like your brain...there are billions of currents and electrical impulses firing away constantly. Technicals, and a host of other variables, you could say,....hinted at this inevitable correction, or permanent bear trend...only time will ultimately reveal itself. The market is like a mountain or Jenga game...it's just a matter of time before the tide turns, or falls. A 9yr strong bull run, along with a hint of inflation, and rising bond yields...things can only stay perfect for so long, It's kind of impossible to exactly pinpoint trade, But you can...more or less...be vaguely, hugely right on the general trend and happenings and potential unfoldings of the market. -- both on a daily scale, and longer term investing scale.
It’s just a 20 day EMA with channels 2.25 ATR away. Something I got from Adam Grimes. Copied the colouring too. Theirs really nothing magical about the values of the channels or colouring the bars when they strike through the channels. Just aids me when looking for possible setups through lots of charts. Great way to visualize a bars move against previous bars.
absolutely market is like the force of nature it does not react to weather vane .. the other way around