Many times, working and checking the market occasionally throughout the day has its advantages. Today was one of those days. I missed the whip saw action - early bear trap (weakness late yesterday followed by gap up open) which turned into a bull trap a couple of hours into the session. When I checked the market, the volatility index (VIX) had reversed, formed a flag pole, and was well into the formation of a bull flag on a slightly rising 20EMA (15min chart). An upturn in the VIX indicates increased fear and/or risk (i.e., market selloff).From my WL, I found SKF (inverse ETF) forming a consolidation between its 20EMA (15min chart) and its 5-day MA. I waited for range contraction (NRIB) and entered aggressively when it appeared the 5-day MA would give way. I closed half after 3 bars and carried half for a swing. I even threw in the execution window for those skeptical of success in the whip saw action.
