Sometimes as clear as a breakout signal can be for the continuance of trend, a breakout failure can be for a reversal back into the trading range. Last night the TF futures finished below the neckline of what looks like an ominous H&S pattern in the daily frame. Only somebody forgot to tell price what it was supposed to do at the opening. At important junctures of expectation, a simple rule can often set the trader back in sync with the current trend. If price doesn't trigger at the significant juncture, it will still probably go the expected distance.... but in the opposite direction to what is generally expected. Shake loose of your trend prejudice. Accept the outcome. Trade the outcome.
Trade Summary
20120515
Long 2 TF 776.9, 776.1, +0.1, +1.0
Short 1 TF 778.8, -0.1
Long 2 TF 779.3, 779.3, +0.4, -0.4
Long 1 TF 778.3, +2.0
Short 1 TF 780.7, -0.4
Long 1 TF 781.1, +0.1
Short 1 TF 782.3, +1.3
Total TF +4.0
