My journal

Here is today, I tried to follow prices up, then down then left when they didnt make up their minds.
day4 1.png
 
volpri said:
Here is an explanation. Hope it helps. When a pattern fails be aware that the probability increases that at least two legs in the unexpected direction will happen. In tight channels one can expect consecutive pattern failures. ..i.e. There may be many successive wedge bottoms or wedge top failures. Triangles are a sideways pattern and the B.O. can be south or north. In addition after a b.o. Many times price will come back a test the apex of the triangle then continue the prev trend in play before the triangle pattern formed or have a reversal after the test of the apex. Therefore, if price has a b.o. of a triangle and then tests the apex pay attention to what happens after the test. You have to gauge the strenght of the b.o. to anticipate if an apex test will happen or not.


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Hi, thanks for the comments, I actually consider the retracement you do not consider a PB as a reference point to define demand/supply strength, I have never called them PBs, but just Retracements.
 
day 5 .png

Here is today, after the break of the triangle and the test of the apex my expectation was a break below the opening range low, but it didn't happen. But then instead of finding scared sellers things just calmed so I took a second shot with the same expectation, it didn't happen either so I waited for prices to find supply at the top of the day´s range for a new short, this one worked just fine.
 
Didnt go to far as I expected and ended up in a congestion yesterday.

Adter the inventory data release I took the first short but as it failed before breaking new lows I took the next long that didnt go far either.

The next trade was the attempt to break out of the down trend channel that didnt go far as well and then another short attempt that formed a downtrend channel again, when this trade failed I decided to call it a day.
day6.png
 
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