Friday’s trading closed with what is called an ‘Inside Day’. An Inside Day is where price trades within the range of the previous days range. You can see on the chart posted below the example of the Inside Day on Friday.
An Inside Day is a form of the markets contracting and can lead to larger moves.

Having Patience (PAYtience) in trading is a key element. In the long run it will pay to develop patience if the trader does not already have that characteristic.
I day trade the SP Emini 500 and use specific patterns. One pattern shown in the example below i use is called a 1.27 extension pattern. It is a Fibonacci ratio. I use specific price targets, stops and Fibonacci retracements for the exits.
The actual time for this trade was 45 minutes, which when trading a short time frame can seem like a very long time. However, learning when to have PAYtience and times to exit when a trade is clearly not working in your favor require experience and skill.
With the specific setups I use the majority of the time PAYtience will prove to be the correct thing.
Below is the chart example of our recent trade.

I recently gave a webinar on the Powerful Butterfly Pattern. As many of you know this is a reversal pattern and a true contrarian trading pattern. When they perform as a reversal pattern you will see them at major tops and bottoms. They will form in all time frames and in all markets.

Did you also know that sometimes you will see them forming within a range? The example shown below is from a 400 tick SP 500 Emini chart. You can see the Fibonacci retracements of the previous swing from high to low on the chart. In this particular instance, the market had a small gap up open and the .618 retracement area was just above the gap close providing good support.

The Butterfly Pattern formed as the leg down to the .618 and gap close area. Study the chart below and see if you can spot some intraday, intra-range Butterfly Patterns!

Best Wishes for Successful Trading!