tmeyaart- While it sucks to get caught up in sideways trading ranges while holding a position long or short, there is some usefulness in trading when we can identify a these periods of consolidation or indecision between buyers and sellers. Similar to the falling & rising wedges that I love to trade, sideways trading ranges, just like the one that I was highlighting back in late 2015 on the $NDX/QQQ, very often terminate with an upside or downside breakout of the range that typically kicks off a new ‘tradable’ trend (bullish or bearish) depending on which way the range breaks.
However, unlike bullish falling wedges, bearish rising wedge, bull & bear flags/pennants, etc.., the direction in which a sideways consolidation zone is most likely to break is considerably more difficult to predict. Once of the reasons for this is that the momentum indicators & price oscillators (MACD, RSI, etc..), which I like to use to confirm or validate a rising or falling wedge pattern, start to flatten out, as they have recently on that GDX 60-minute chart.
Therefore, the best thing to do with most sideways trading ranges once you recognize them is to keep an eye on it, maybe even setting price alerts just above & below, & wait patiently for what appears to be a definitely break to the upside or downside & then position accordingly.