It's all about context, and a lot of it is luck.
When did you see the chart first? How you see it when you open it can do a lot to effect your long vs short bias.
If you happened to be looking at the chart after the extra stuff was formed, but before the eventual break, you probably have no problem getting long by chopping off the tops.
If you were looking at it from the opening bell you might have had more trouble, as price appeared to be doing a lot of chopping and offered several false moves. Using structure from the higher time frames gives you a clearer picture of the markets intentions.
This is only one way to capture a portion of the market's movement. There are many, many ways of looking at it with a different strategy for every angle.
When did you see the chart first? How you see it when you open it can do a lot to effect your long vs short bias.
If you happened to be looking at the chart after the extra stuff was formed, but before the eventual break, you probably have no problem getting long by chopping off the tops.
If you were looking at it from the opening bell you might have had more trouble, as price appeared to be doing a lot of chopping and offered several false moves. Using structure from the higher time frames gives you a clearer picture of the markets intentions.
This is only one way to capture a portion of the market's movement. There are many, many ways of looking at it with a different strategy for every angle.
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