Reading The Signals

Trading is all about reading the gauges and then knowing how to properly respond. 
The chart above is a 15 min Chart of the QQQQ that I was looking at
while trading the markets today.  The best trades that work the best
are when the most traders are caught on the wrong side of the trade. 
If you use your trading losses as school masters that teach you what not
to do and what to do next time.  I love to see failed patterns in the
market because I know for a fact that people are on the wrong side of
the trade.  Why because I use to be that poor soul on the wrong
side and I have taken my lumps of coal.  Back to the Q's I saw
this pattern a thousand times in the market but the key was the
volume.  To a trained trader you would think buy but the
volume said no one is comitted here so the pattern failed and provided a nice
entry to short weak stocks. 

See more market comments about tomorrow plan at www.atmwallstreet.blogspot.com