The expanding triangle open

When the market opens near yesterday's close with a marginal bar such as today's doji, the market will try to break out both sides until it encounters a hard reversal. Todays open was a tick away from yesterday and it was very likely the breakout of the doji would fail and is tradeable if it gives a decent entry. The ii bar on b4 with a shaved close was a good entry.

The news related down up reversal was 4 points tall and this means there is some risk that it will turn into a trading range. Two legs up provided an A2 short at b11. However, the entry bar b10 closed strong, so there was some chance they would buy its low (purple line). A shallower pullback at b17 was an A2 long and very good setup. The market shot up +4 and turned into a TTR. b30 broke above the TTR and gave a BP at b36 ii.

Since there was no overshoot, b42 would be a poor short for W. b53 gave a double top but it was a marginal short since there was no demonstration of bear strength. A Double top pullback (DP) ii short at b56 was also marginal but could be taken with an option to reverse above the DT. b63 was a marginal G and b66 was a marginal G2 entry since they forced a buy above and mid flag.

The down up bars at b72 after three pushes down was a good signal. Technically, this was the first bull bar below the ema that triggered a long position.

Price took out the high of day (HOD) and retraced all of yesterday's down move.

A hard Wedge reversal

 Due to the large gap on the open, I could trade the 1 minute chart on the open. The opening range (b1 to b8) had a failed Breakout with double bottom on b15.

From there the price moved up three pushes to a wedge (W) at b30. This short could be held until the W reversal further in the day.

A reversal bar above a large gap is always a good trade for a scalp at least. Today, your scalp would have worked but your swing portion would be stopped out for breakeven. On days like this, many traders miss a good runner unless they re-enter on the 1 minute chart, which provided a W entry. Even on the 5 minute chart, a micro-W was clear due to the three spikes up.

The double bottom up down at b11,12 is a possible reversal, however with 5 bear bars against the buyer, it ended up working like a trading range. A short above which proved successful.

b18 technically was a W, but its signal and entry bars closed weak. This led to a further A2 short off b24 on a less than desirable looking signal bars.

b29 was a very strong wedge and was a great potential swing trade. So were the A2s at b40 and b65.

Shorting b22 and b55 proved profitable today, however in general these trades are dangerous. There was possibly a W reversal before b22 and b55 could have been a trap for one more leg up. These trades can be taken with lighter size only but leaving out lesser probability trades is the best option in the long run.