The rally yesterday was pretty good, now I would be looking for a pullback. The chart below suggests that a BARR (Bump and Run Reversal) chart pattern might be in play. In the nutshell, this pattern indicates accelerating trends, every last one faster than a previous one. This continues as long as the move up gets almost parabolic. The main trick here is to use money management and account sizing wisely, as you most definitely won’t catch the top.
This pattern usually works on the daily pretty well, so it would be interesting to see how it plays out on the 30-min. chart.
Numbers 1, 2, 3 indicate trend acceleration. Target 1080-1082. This is a pretty good area to enter longs, for my 1120 target.
