I could be wrong (it's happened before), but this looks like one of your nice consolidations before another pop to new highs. No reason to guess, I'll take the signals as they come, but I'm only taking buys until we make at least one more new high.
I think it might be as well but if you look at my daily chart we have been in this trading channel for a while and we are pecking at the top of it. This might be a good time for a pullback and then maybe we will get a bullish flag on the daily. That would sure be nice for another pop up wouldn't it. I think as far as the day trading for the long side right now I am only going to look at breakouts of a bullish flag while we are way up here. I think it is the safer play at this time. But I would have lost on the one we had earlier today so it might not be in the cards for me to trade anymore today. I hate all those needles on the 5 minute chart. 15 minute chart looks like it should, BORING...
Cool... If (key word here) we pulled back and formed a bullish flag it will have about a 25 point flag pole. A break out of that would be very nice for the longer term trader. I am trying to decide if when I stop the day trading do I want to just play the Q's or maybe leave my futures account open and do a few long term trades with it? I am undecided at this time but I might do it. Same principals different TF. I am going to do some sim with it and just see if I want to do that.
I am sitting on the sidelines also. Wait for a good formation to go long at this point. Or better yet shut your dome off like I did. I don't like all the needles in todays action.