The "Hite" Trade

As I scanned hundreds of intra-day charts over my vacation I realized that Larry’s observation was just as applicable on a short term basis as it was on a longer term time frame. Granted, the session breakouts that I looked at often had minuscule follow through, and you had to be very disciplined in both your entries and exits in order to take proper advantage of the price action, but the underlying idea remained valid. New highs and new lows ARE telling us something even if on occasion we do not want to hear it.