Intraday: Higher Timeframe/Trend

Here's the 5m chart.

The pattern that set up is what Trading From Mainstreet calls a Phoenix.

No. I am not affiliated with them at all. I just learned a lot from them. Their web pages explain a Phoenix if you're interested.
 

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Quote from tradersaavy:

Here's the 5m chart.

The pattern that set up is what Trading From Mainstreet calls a Phoenix.

No. I am not affiliated with them at all. I just learned a lot from them. Their web pages explain a Phoenix if you're interested.
More...


Whoops. The pattern is called an Avalanche, not a Phoenix.
They are the same pattern, but one for longs and one for shorts.

This explains it:
http://www.tradingfrommainstreet.com/techanalysis.html#4
 
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