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| Pay close attention to intraday signposts for evidence of unusual price behavior. A 3rd-bar reversal often tests and fades the opening trend. One side may capitulate near the end of the 1st hour and trigger a sharp trend wave. Whipsaws and false moves can dominate trading as the session treads into the lunch hour. Look for the early afternoon to ignite new bursts of volume and interest. Observe 2:30pm closely for a selloff, just as the bond market enters the final half-hour. Check for a last fade at 3:30pm before the market day draws to a close. And always remember that markets can reverse quickly into contrary movement if signpost events fail to show up on time. |
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