Top Squeeze

These first four charts were shot at 9am. For all the traders that have difficulty recognizing a trade set-up before the trade begins playing out.

The following charts show how the day played out.

Looking at the 480 minute above and the daily chart below, you can see that we are forming a top. It may turn into a sell-off or just pull back to a support level like the bold downtrend line on the 480 minute chart above. I don't know now, but I will know when it's time to trade the set-up.

That being said, we may just see a quick pullback and a continuation to the upside. Oh and just a reminder, all of the VooDoo traders out there have been cackling about the "Hindenburg Omen" and the crash of 2010. The joke is, even if they are right, most will just sit there paralyzed and unable to take a trade. Some will imagine false reversals and get caught going in the wrong direction. Why? because they've failed to study what the market does in favor of what some 'guru' has taught them. So right in front of their eyes they will miss the signals that could have paid them well.

Trade what you see, not what you think. If you don't see a set-up just watch. Don't chase the trade or enter late.