One lesson I've learned, and one I'm trying to learn

UPDATE!  I think we do have a turning point.  Random guess: It will last until tomorrow.  I think we'll get another dip though, because I dont' want to buy after this much of a move.

 

 

 

 

 

 

The lesson I've learned, is that, after a violent move like the one we had this morning, the 30 minute chart is too short term to pick a turning point.  For this, you want to go out to the 60 minute for sure. 

By all means, don't jump in long here, in my opinion, this could be the "freight train" that you jump in front of. 

It is clearly compressing though, and getting ready for a major move, and it's a buy on the 30 minute chart for the evolution system.

Today's open is similar to yesterdays, or Monday's when it opened violently up and then turned around.  The first 30 minutes of the day were the high.  Yesterday it rebounded, but ultimately turned down again.

Based on the choppiness we've had of late, I think it's likely to turn back up (and down and up etc)

I like today's action better for a turning point than Tuesdays, because ALL of the initial move was captured very early, in the first bar.

Usually a counter move / fake out is 2-3 bars.  So we have 2 up bars, and this last one might end up.  If it goes up a 4th, does that mean it's then bullish?

So I just want to watch this.