I always try to trade with trend or at least with the attempt to trend now tat we're above the OOW I look for more up
Wednesday is a outside bar on the daily chart, usually a fade candidate, if it has no FT and yesterday was a poor bar for the bears I'd expect SA the ATH though for another attempt of the bears
its too late in the day, normally price takes precedence over pattern but judging by the hour there are two theories. 1. bulls outnumber the bears since price is not being lowered. 2. the current bulls though they outnumber the bears but do not have enough strength to move the price up without serious fight. ( outcome it will be easy for the bulls to nudge the price up if they come back in strength, but again the time of the day and day of the week comes to my mind) so for me its not worth getting into the trade, as it will be snail paced and that is death for me.
I like the way you think .... cash intraday I always have this chart on one screen: Red yesterday's close, green today's open ... I can tell by many of the posts in this journal that many trade with no clue as to where these levels are.
BTW, whats the OOW and the other stuff you mentioned. I am new to the game so not very familiar with some of the terms.
Wow is all I can say, this slow grind higher is relentless. This bull market just won't give up. And everyone has to pay up to participate.
1000 ticks and long term is 5 minutes. basically a scalper but once a while get into some trend rides for a homer.
and also forgot to mention if bears come back in strength price will move down faster than it moved up, so might run a few stops, but thats my theory and i am not always right but that fear keeps me away.