sharpshorts
The old Two-Step pattern happens very often, in all markets and on all time frame charts.
Sometimes you can use them as additional technical rationals for taking a long entry...

These two charts show how indicator signals can be different between two very similar time frame charts but PRICE ACTION is the same on both.
 
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Another very short term chart below with 3 examples of what I mean by Two-Step PRICE ACTION patterns. They continually occur, even on a chart that spans only 10 minutes in total...

By themselves they are not necessarily trading signals per-say but they can help you describe price action movements that have already occurred (IE help you to read a chart).
Sometimes they can help you to anticipate a reversal. Every Two-Step pattern is different, in the length of the initial trend-leg and length of the secondary trend-leg(s).
...some will make equal lows (A - B) or a higher 2nd low (C - D) or a lower 2nd low (E - F).

They don't automatically suggest that price action is about to reverse but they often do.

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My basic premise -- In the markets, what goes down must go up.
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Littleshark
Hi SS ...

earlier today when I looked ... you only had the first chart up ...

the addition of the other chart example helps a lot in showing what you mean ... thanks for the lesson again ...

I do notice that all three are variations of the 16 "W" patterns ... with the entries coming at the bottom of the right side of the "W" ...

Bollinger Bands were developed to identify "M" tops & "W" bottoms ... I don't know if there is a fast Bollinger Band setting that would help on intraday minute charts ??? ... one probably would see the bands pinch before the price pop ??? ... but that would not "keep it simple" on the chart basis ... more lines ...


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