This is a 1 point range bar chart and I find it help ID the trends nicely.
open: price in a narrow range and it moved higher to find resistance. The break of that stall was the short and we see TL 1 developing. The EMA offered additional resistance for adds or new entries.
Three lower support areas developed and we had our first failed break out by the bulls set up TL 2/ Two additional attempts by the bulls created a resistance neckline that would be a long on the break out.
When TL3 was in play, longs were taken to the first high area on TL 4. Some remained short and continued to add contracts. If you have the bullets and emotional control, play YOUR game.
The first counter trend play was a short at the double high back to the EMA area.
TL5 was also a continuation of TL3, and the last long to the double high area was played.
It is a pity TWS does not offer range bars. On the other hand, as I recall, I neraly had the same trendlines. I start drawing them on the 1 minute and it amazes me how they accurately fit on the 5 minute later. Next step for me is to 'plan' where the entry will be and let it be triggered by the market. Last days I still was to busy with other trades then SPY. I need to work on SPY like a laser.
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