Another nice example of the hairy bottom pattern yesterday as traders tried to game the Fed news. The volatility that started about 14:15 is typical of Fed news events, typically characterized by a quick move in direction A, followed by a short trend in the opposite direction, followed by a resumption of direction A. In yesterday's case the successive selloff in the 2 minute bars was countered by immediate accumulation, leading to the hairy bottom formation going into 14:30 as the Qs (and the rest of the market had a blast off to new highs.
While the ensuing action 14:30 to 14:45 might be stretched to be termed a hairy top, it was more like a crew cut squat bar, as it rested precisely on the R3 pivot before plunging for the remainder of the day.
The 7/14 MA crosses helped trigger two more trades post 14:45, without the benefit of of any hairy pattern confirmation.