Here’s a case today where the buy signal fails on the 5-minute chart. GG signals a buy signal. It stalls, and then breaks the pivot low.

I chickened out, but should have shorted this move. When you have a daily chart this extended, the probability of a failed buy signal are obviously higher. Supply and demand.

We’re back to trading like we did in March, where the daily Nasdaq chart is not much help. I’m trading off the 60-minute and 15-minute charts much more.

I’m also giving little room with stops. As soon as I have a profit, I’m selling some, and/or moving the stop to breakeven. Regular trading patterns in this environment can easily fool you.

Friday, I used 13 bars down on the 60-minute Nasdaq chart combined with the gap fill on the daily chart at 2291.12 on April 15, 2008. I used the 5-minute for exit. That tells you what kind of a market this is. Complicated.

DIG hit the upside of it’s wedge. I am holding some as long as the 200 ma on the 5-minute chart and 221 hold up for OIH. Still have a 135 target for DIG.  And yes, I can use other charts to trade other charts.