I am seeing a flag developing(ed) on the 1 Hour. There are several reasons for this trade, we have had a push down...and the ripples of fear and oil attacks over the weekend are not getting investors excited. I'll be trading the flag to the downside. You can see price has hit the 50% Fib level and has seen rejection. Let's see how this rolls out. 1% Risk 2:1RR - Happy Trading!
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I enjoy trading flags/pennants, clear price action/pattern trading. The catalyst here were FOMC and Federal Funds rates staying the same. This market is overbought in my opinion.
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As you watch the markets on a daily basis, you really do get a feel for how institutional investors operate, everyone knows a major news event is pending, you can just "feel" the patience on the markets behalf. We retail investors are the ones that rush around clicking buttons...not the big fish, they plan, wait & watch before pulling triggers, when conditions have met their parameters...which is usually profit potential. just my two "cents".
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I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.