TonyIommich
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Here's 5 minute SPY today (I did not trade today, I am just marking the chart). Three possible setups a la Volman.
A. An aggressive box break, which ends up failing. Market gaps up and has some strong bullish action throughout the morning, despite the higher time frame trend lower. There is a level a bit higher (the unfilled down gap from three days ago) that the market was aiming for but failed to test. Note the breakout happened at around 11:30 which is often when the market likes to resolve unsettled business during the open - either by a with-trend push or a counter-trend push.
B. The lunch doldrums, as Volman likes to call them, did offer a pattern break combi setup here. However, we were stuck in a sideways winding range for a while. Btw, little research note: if you have had a non-volatile morning, especially when candles have wicks on both ends, stay the heck out of lunch unless you get A++ buildup along with trend confluence.
C. If we didn't get long, or if we scratched out of our earlier trade, this false bottom was a beautiful invitation to get involved. The buildup was amazing, and the follow through was great. 3:00 PM often provides some strong moves.
A. An aggressive box break, which ends up failing. Market gaps up and has some strong bullish action throughout the morning, despite the higher time frame trend lower. There is a level a bit higher (the unfilled down gap from three days ago) that the market was aiming for but failed to test. Note the breakout happened at around 11:30 which is often when the market likes to resolve unsettled business during the open - either by a with-trend push or a counter-trend push.
B. The lunch doldrums, as Volman likes to call them, did offer a pattern break combi setup here. However, we were stuck in a sideways winding range for a while. Btw, little research note: if you have had a non-volatile morning, especially when candles have wicks on both ends, stay the heck out of lunch unless you get A++ buildup along with trend confluence.
C. If we didn't get long, or if we scratched out of our earlier trade, this false bottom was a beautiful invitation to get involved. The buildup was amazing, and the follow through was great. 3:00 PM often provides some strong moves.