Corey, OK, I have a problem with everyone using the same procedures. Add the quants and it makes for a "flash-crash," real fast. What do you think about this age of instant communicatability?

That's actually an excellent question, Justin.

Technical analysis - for the most part today - has become self-fulfilling prophecies because so many people use simple strategies. Thus, the edge either rises to more complex strategies, or perhaps more commonly, in the little "Popped Stops" strategies that take advantage of failures of classic technical analysis (reference all the failed sell signals of 2009).

Take the 1,040 level for example. So many traders see it and react to it, buying off support. 1,040 is not magic - everyone sees it and the big funds and bulls buy when the market hits this level.

In the event that this level fails, you will see a rush for the exits, giving intraday traders a chance to profit from their 'failed' bounce off 1,040.

I think a lot of the action drives more traders to the lower timeframes for more risk control and opportunities. Adapting to the current environment might mean being prepared to trade failed patterns rather than classic patterns.

Corey,

Thank you VERY much for keeping your eyes and heart focused on helping us learn and do well in the market. I just downloaded my copy of the handbook. Again, thanks for your dedication to us. Best regards as always and have a happy 4th!

Greg

Thanks Greg!

I'm honestly surprised they're giving this away, which is why I had to link to it. Glad to be of assistance and have a great holiday as well!!