From having a look at your chart, there was one big head & shoulders. You got confused at the top of the right shoulder. I've attached the same chart, showing just price bars, as it is perhaps easier to see the big pattern.
It was Alan Farley who said that from time to time you should stand on the other side of the room to look at the big picture.
At the top of the right shoulder you also had a doji, which is a sign of indecision and often a turning point.
As to all those wiggly lines at the bottom of your chart, goodness only knows! lol
Thanks for coming back. I was not so much confused as sweating on my short position. You are right about taking in the big picture.
As for my wiggle lines. They have been an emotional crutch which has kept me in trades when the self doubt always sets in. They have actually been a good friend to me. On this occasion, I lost a bit of focus.
Yes, you've summed up my trading - price bars, patterns, support/resistance - and I also use volume bars. Nowt else.
So I'm pretty good at spotting patterns - there was also another small head and shoulders within the head of the h&s I've annotated above. They're everywhere!
The Dow today has finished at the end of an inverted h&s, which may bode well for a continuation upwards at the start of tomorrow's trading. The chart below is today's Dow on a 5 minute chart, with the two h&s patterns:
Breakouts used to work a treat - but not any more. Some work, many don't. The ones which work are usually the breakouts from wave 2 going into wave 3. I always try and get in early at the turn, usually at a HH if going long. When the HH works across more than one timeframe, then it's usually a very good subsequent move.
If you are in early, then you can sit and watch the breakout and see whether you need to jump ship with your profit if it turns out to be a false breakout, or stay onboard to ride another leg up. It's harder to be able to judge if you've only just got in the trade.
Another reason for avoiding getting in at breakouts is that my risk is significantly higher. I like small risk trades, naturally.
But I did get a little singe today on one trade - without thinking I reacted to a breakout, and paid the price. It was unlike me to do that, but my mind was elsewhere and I stupidily went in on impulse. It was a false breakout, and my risk was much higher than usual, and I lost 3 points. LOL
I take it you are using 3 and 5 minute time frames for cross confirmation and enter off the 3.
How about fib. I look at fib both on a macro scale and also on individual bars. For instance, that long down bar at 15.10 was partially retrace by an attempt at a piercing white line. However, this bar failed even to make 38% retracement. This put me in a shorting mood. Would you have done the same.
I only use the 50%; just can't be bothered with all the rest. It's good to use on trends, to know whereabouts the pullback will come to so that you can be sitting ready to jump onboard.
You're quite right about fibs on that long bar, but I do all mine by eye, and bear in mind the length of the bar, the volume and the way the bar formed.
I use 5 min and 10 min - anything less is far too fast for me. I used to be hooked on the 1 min, and found it an age for a 5 min bar to complete. How I find the 5 min fast and it's a race to get a pot of tea going inside a 5 min bar!
You've just stated the secret to trading - finding a style which suits you, and knowing it well enough.
Patterns are a lot easier to see on a bar chart, with the bars scrunched together quite closely. Then stand on the other side of the room and squint at the chart - they're blindingly obvious when you do it like that!