OptionTrader

[Market Technician]

It could break out either way. I combine intraday with level II. If it breaks out intraday, that is, during the day, I will confirm the movement with level II, and then maybe contemplate a trade. with these chart patterns you have to wait for a confirmation, that is, a close above or below the pattern. even then, waiting for a confirmation, sometimes it's comes too late, for instance, a big tall white candle, and the movement is over, so then it becomes a high risk/little reward trade.