Hey wait a minute, Spooz, you inserted your own words into my quote. That is dirty pool! Don't misquote someone like that!
What I meant by posting those charts is that from what I see, it did not look any different than any other typical day, most of the time. Down in the morning, then up in the afternoon. That has been the majority of the equity indices for quite some time. Maybe the unirenkos seem different, but the patterns in that bar type I see so often, it just seems par for the course. And since it is the only bar type I use, I cannot imagine what staring at these charts day in and day out for time-based users must look like in realtime.
I submit... You described a failed breakout. Channels... 3 "points" are necessary to determine a channel. For a downslope H-L-H, for an upslope L-H-L For both slopes, the 3rd "point" can not exceed the first "point", otherwise the channel can no longer slope in the intended direction, it's back to the drawing board for the channel! The attached IS 100% HINDSIGHT. I do not annotate the 60 minute in real time. I just don't not use that time frame for trading decisions. The current microstate of things IN MY VIEW can bee seen... In MY TERMS, "point 3" of a downslope channel is not yet set. Knowing that "point 3" can not exceed, point 3 is basically equal to "point 1" until it is resolved. A retrace is in process. I also noted the failed BO, and the current activity, which is a lateral movement, laterals also being part of non-dominant movement. Not intending to "school" anyone. Sometimes at least for me, just a step back to a few basic rules and constructs helps lift confusion. HTH https://www.tradingview.com/x/uvGRth4h/
Well guys, looking at the AH PA....with 16 ES pts down in 20 minutes......this market is rockin.....so this song came to mind:
Nice observation... Shorts had a lot working for them today ... HS on 30 min.. Outside Day... engulfing candles & potential Failed Break... The only reason I don’t put too much emphasis on a channel as a failed break vs. significant support/ resistance.. is because the channels are often extended & revised throughout the buildout process. W/ PA... Always good to see & hear another POV ... keep em coming!
It is not the holy grail... For me it is just a perspective thing that helps see market structure in a different way. I have known traders who use it as a core part of their trading system. You can anticipate, the market likely will not spend time at the dips; and to move across the bodies of the profile/pyramids. Usually... sometimes... I usually only look at it at the start and end of the day in the way I posted. Every now and then the 'tips' and/or the 'dips' line up with fibs or other support/resistance. That can be interesting. ...