Is It a Reversal or a Pullback?

[candles]

Study hard and long and maybe you will not have to wait till you see it in hindsight. Even in hindsight you missed the bottom.
If I would see it in hindsight I would go long at the bottom, 1851.25
Sorry that I only saw it around 52-54. Should improve my system.

I got it at 52. Good enough

 

[i am nobody]

Is intraday uptrend over or interrupted? I say it's over and down we head. Let's see forecasts folks, if you don't know whether it's a pullback or reversal you won't be able to trade profitably.

I never forecast, I only see that I would never go short here. I would still be long NOW.

 

[Aj2014]

Both great trades either way, guys! (candles and IAN) Kudos.
I was going the wrong way (shorting thinking it was a 'pullback') so you both beat me

 

[romik]

I never forecast, I only see that I would never go short here. I would still be long NOW.

Noted. This is more to do with what the OP said, as his main strategy is 'flip trading', does that mean that he can't tell a pullback from a reversal, so is the original statement a checkmate?

 

[i am nobody]

Both great trades either way, guys! (candles and IAN) Kudos.
I was going the wrong way (shorting thinking it was a 'pullback') so you both beat me

I did not take that trade, only trade RTH. I wrote that for me the buy area was 52-54 if I would trade.
Candle was sarcastic, did not take the trade too.

 

[candles]

Both great trades either way, guys! (candles and IAN) Kudos.
I was going the wrong way (shorting thinking it was a 'pullback') so you both beat me

Thanks. It was an obvious bounce when you know what you need to know about the markets

 

[londonkid]

rather than give hindsight examples here is a scenario that could unfold this week. See attached daily chart of spoos. I have marked out a key daily level. If we then watch the 15m timeframe after price touches this daily level (it may not touch) then I believe any pullbacks are more likely to be just that 'pullbacks' and not reversals. i.e. the trend up is likely to continue.

Obviously this is just one potential example and any small sample can have any result, it's the concept that I am illustrating.

disclosure - i don't trade like this it's purely an example to illustrate a concept.

View attachment 161065

update. same line, 15m time frame. When price pulls back to a higher time frame level it is less likely to be a reversal and more likely to be a continuation. hope you enjoyed the non hindsight example.

GL.

 

[Aj2014]

double top there at 1894 could lead to a reversal

 

[speedo]

 

[speedo]

I am no windows expert so pls excuse this clumsy attempt but the prior chart shows a pullback/reversal on the ESFrom 8:30 to 8:54. I look to my higher timeframe to see that it is a long setup thus a pullback. My entry is the divergant low at 8:56 for a long.