Show 3 TA analysts a chart and you'll get 4 opinions. Might as well just admit you are trading by intuition and managing risk. Charts will only confuse you. Surf
I mean not disrespect Surf but based on your market calls in your journal you are no different not using TA.
A sad day for ET....participants, you are running on empty. To "SEE" what is happening in the market, you need to show the variables. Trading happens in the Present ONLY. I empathize with all the problems each of the posters show that they have. If you show price, why don't you show volume and sentiment? If you show volatility why don't you show overlap? It may be possible to understand that you wind up with two problems when you put half the information on the table. Does posting two long entries in a row tell you anything about what you are doing incorrectly? Poor children in urban poverty are convinced beans grow in cans. They have no concept of growing. Markets do not work top down. Markets work bottom up. First, there is a foundation, then building blocks. This truism game you all are playing comes from nowhere and goes to nowhere.
There are only three flags on this chart... Flags need a big news event as a catalyst to be valid. Never seen a daily flag in any other situation. For these chart patterns to be useful you need a different technical system to predict which way they will go...
I really do agree with jack here... The type of analysis people are doing is useless for the most part... Here is my current market summary... Long term price strength is weak but still stable. 15.3 price strength means the market is rising overall at 1.53 points per day. A full strength bull market rally in the S&P in recent years has a price strength of 20-25. That is the highest stable price strength increase rate that can be attained in a non-parabolic multi-month rally... 2-2.5 points per day in recent years. And yes, that is a quantitative fact that can be proven. The resistance zone is currently 1461-1474. Price must hold above median into this consolidation into early next week for the market to keep strengthening. The current support zone is 1424-1437, but it is unlikely to see price go below 1437 in the next five days with these price strength levels and range just starting a push up. How to trade it? Short setups on the hourly at 1461+ next week and buy good setups at 1450-. Unlikely to see a full market breakdown for another month or so.
Classic TA would dictate you go with the trend, so yes it is a bull flag until proven otherwise. But entry now would be late ... the time to enter would've been the breakout of the small red ema-touch bar. So now you do nothing unless 31.00 breaks down or 76 breaks out and the subsequent pullback is finished.
Putting volatility and overlap (or equivalent) on each bar is refreshing to see. I also like your notation of the number of the bar in the increasing length of the trend trade. i agree the cliff is going to be made apparent soon. the chicken feed cascading is really going to add up.
3 setups you could play 1st a break of the recent bar Ie. Short with target of tge recent swing low 2nd going long at a retest of recent swing low 3rd going long after a breakout of recent highs Wich get retestet succesfully I would prefer the longs due to the recent uptrend Its that simple
All the opens are matched up to the prior close, so I would say that chart is right up your alley, Jack.