The best way to stay in tune with the market is to trade the Imp-Corr structure until it breaks – all the while giving myself the best chance of success through using retest entries. This is exactly what happens here: the corrective PA doesn’t break and instead price moves above the most recent swing high and forms a series of HH.

Until 10:26, each impulse move has been followed by a short corrective phase which breaks into another impulse phase. But this all changes after 10:26 and the corrective phase just keeps on going.

Once the Imp-Corr structure is broken, the next step is to look for new entries for continuation of the new trend or a reversal, using levels and compressions.

The next level on the upside is SUP 1, and when price gets there, I look for a compression to get long. This could also be a retest of the level and break downwards – which it does very briefly. If there is a break of one side of a compression fails, it will form a Reverse Broken Triangle (R-B-T)

THOUGHT PROCESS: no break of Imp-Corr structure so shorts off (!) for now. So where am I going to look to get long? Where is the next level? – and what PA or levels would tell me that sellers are back in the game?

Once it broke back above SUP 1 a triangle formed around the 169 and then broke up; this is not a strong set up as it is not based on strong level or confluence

Messiness of PA inside the 3Min Bolli Bands and inside KLs

Looking at the 3MIN cahrt of the late morning PA, it is clear how fuzzy and random it is – not the kind of PA for taking breaks as they will go 10pts and then reverse. This is confused, directionless which will take the path of laest resistance – reversion to the mean.

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