As you can see from the intraday chart, the breakout resumes quickly. Such is the power of first intraday pullbacks on the heels of explosions over high level consolidations. Once it's over, it's all over bar the screaming and shouting. The whole day basically occur in the first half-hour. This is why it is crucial to be prepared and do your homework.
Markets turn on a dime.
Most traders cannot. Therein lies your profit. Figure 2 shows an intraday chart for Jan. 14 and 18. Figure 1 Figure 2 Jeff Cooper has been a professional equities trader since 1982 and is the author of three best-selling books on trading. This opt-in subscription list is available only from Online Trading Academy .