...for those who trade PRICE : after yesterdays down move a retracement back up to 50% of yesterdays range is common : the first hour was down ( left shoulder ) and the second hour was down ( the nose ) and PRICE and closed into the low of 1st hour and heading to make the right shoulder ( underway ) .
Trading price, is price action: Open, close, low, high, premium/discount, structure.
Trading cartoon figures: head and shoulder, death star, bart head etc.
For every head and shoulder that materialize there are 10 or more that don't.
professional desks or hedge funds are not scribbling head and shoulder when they bet on the market, this is a moronic retail logic that have been promoted by failed traders and popular books written by banks/brokers.
A fool prays for an easier road, a wise man prays for stronger legs
