It's very clear as to what is about to happen if you keep track of double/triple tops and bottoms, and which breakout. Then, after a breakout occurs, waiting to see if a double breakout occurs in the opposite direction. If one doesn't occur, then the stock looks like it will very likely continuing going down or up (or whatever the original breakout that you saw was).
I am using the 1min chart, which you can see in the static image above. I simply have a 1D chart linked to this (because I don't know how to publish an idea without attaching to your chart?)
Just curious if anyone else has ever tried using this for day trading, or simply looking for a most likely direction for the market.
I've been aggressively using P&F charts for intraday trading now for about 3 weeks, and it's made a very big difference in my own success. This might not be the same for everyone, as I am amateur, although, I have attained a huge amount of experience in the last 1 year of only index option trading. I've used tons of different studies, indicators, etc., and it's very easy to get overwhelmed.
I still use a few study based indicators, but now I combine it with P&F chart. In my 3 weeks of using P&F charts only, it really opened my eyes to how the market's computerized trading platforms likely work under. It's much more difficult to see tops and bottoms when looking at candles, and even if you can see them, it's very noisy and easy to feel a sensation of panic and need to close a position and go open a position the opposite direction.
The P&F charts have really removed just about all noise. If certain levels break or don't break (i.e. if X's don't break the previous column of X's, and vice versa for O's, on the P&F chart), then there is a high chance that it will continue the direction it was originally heading. If one of those do break, then you can look at the previous level that it was at. If that level doesn't break, then the reversal that you think you might be witnessing isn't a reversal at all and will switch back and head back to the original direction.
If you are interested in this, there's a good site that educates you - http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:pnf_charts:pnf_basics
You'll have to also pay attention to the type of P&F chart as well (traditional, or ATR), and set the box size and reversal amount, which stockcharts.com can guide you through. You could also use others like line break or renko etc, which I haven't looked into, but I am fine right now with P&F.
You have more experience than I have, so the things that I am spotting by using the P&F charts could be something you already are seasoned for, but check it out. Tradingview is one of the few that actually has P&F charts intraday. It's quite nice.