PTC 2011-01-31 Wednesday, ly 2,2014 8:23PM, + When there are lot of intraday reversal patterns suchas the head & shoulders it can make you wary of longer term forecistng. + On small ange Friday's you can expect a larger range Monday because large ranges come after small ranges and traders ae usually pretty ancy to get started after a weekend break, + You can lay the Fibs from the low and put the 50K retracement on the high ofan upswing to do a measured swing projection + Once we are above the resistance intraday on this Monday, we can reasonably expect itt turn into support because tne highs are pretty clean andit lines up withthe mid pivot. + Hammers are good to see as confirmation once you have already entered a trade, when one forms onthe 15 ‘minute char tthe resistance turned supportin tne age above, we can tail our stop loss to lock in some profits, Since we have captured a large partion ofthe day, we can trail the sop closely, + Ustimately price traded all the way up to R2 andthe 1.6000 bg figure:+ Itis not difficult to allow price to give you another opportunity to getin the trade. + Use the daily chart to frame these types of intraday setups + when the market start closing at or near the low ofthe day then we could be near alow inthe market. There ace simply no more seers + Support an¢ resistance simly trumps order flow. When other tools are suggesting higher prices, do not get so ‘aught up with order flow in this situation.