Trader MD: IWM: Median Line failure, RIMM: Base & Break, Base & Break down / Descending Triangle / Median Line failure, and an Inside Bar reversal.

Here's a 30 day x 15 minute view of the Russell 2000 ETF, the IWM.

This chart shows the Median line failure on the IWM. I traded it as a long with the TWM.

Here's the 30 day view of RIMM x 15 minute bars. You'll see the fairly nice channel it's formed over that time period. Once I have a well defined channel, one of the things I like to pay attention to is how it responds to movements with in the channel.

The blue circles are a good illustration of that. While to the blind eye or those charts that aren't using channels, RIMM may have appeared to be treading sideways in a range between 125-135. Taking a closer look at the chart it shows how RIMM fails at each subsequent channel line (first the outer upper limit or the 100% line, then the 75% and 50%).

You'll also notice that when RIMM breaks the downtrend line I have starting at 135 from the peak on August 11th through the peak on August 15th, that it fails to even challenge the recent highs of 135 and instead pauses at 134. There's also a bit of negative divergence there (not highlighted on the chart).

** Side note: has anyone else noticed my overshoot theory (with other technical patterns, etc)?

So now taking all that information above, I throw even more details at you :) I apologize if this seems a little crazy, but in sake of time constraints I've used the same chart to illustrate how you can follow one stock that can setup again and again. Being familiar with how a stock trades, and what support / resistance levels it may respect definitely help.

My only real regret is not letting todays trade run a bit more, or taking a partial and letting the rest run.