7.8.22 CL1! It wasn't pretty but I think I was able to focus on the significant support and resistance areas. I showed a two-bar reversal near the top. It did move lower, however there were support lines where the market had gapped hire and we had to deal with this. In fact, we ran into a two-bar reversal add support not so far away from the two-bar reversal the triggered the short trade. In short, we had to work hard for our money. The setup was a little complicated in this case, and the truth is I know this because I know where the support levels are, and yet I want to make the trade. When you trade lower time frames, this becomes a significant part of the trading process, which can be a little stressful. There is another aspect of this which is very important, and I did not explain this in the video because I was struggling to make my point before I ran out of time, and that is you have to be prepared the change your mind and quickly change your position in the market and that is something that will not be easy for most people, including myself. It also requires constant, or nearly constant screen time and you have to decide if that's really the kind of trading you want to do. On the other hand, you can make a lot of money doing this. It will restrict the number of markets should be able to follow in a given period of time...On the other hand, you can trade larger positions if you're good at this.
Comment:
When the price hit the 1.618 it rapidly reversed about $2,500. The breakout sellers We're rinsed out of the market. The red arrow is a tubal reversal Pattern for the market to go higher. if you take it, have a small stop below the buying tail for the market to trade higher.
