Peter,
The edge is actually an accumulation of many different effects that aggregate. Ticking lower is one aspect and the 4 series takes the time to concentrate and isolate the different aspects. As an example, the following items may be observed (-1:32:58 reference, or 23:56) [note not a complete listing however these aspects become second nature after some practice]:
1. The bar ticks lower however it is high in the pattern, into resistance, and the bar shows 2 ticks of rejection from the high (resistance from previous highs). A stop order entry would be at the highs.
2. Note how from the beginning of the day, the majority of initial breakouts failed initially (12:00 am + to current). Should this breakout work?
3. Note the similar pattern buildup from 5:01 with the pullback and the response afterwards
4. Other than the 1 tick lower, there are not other confluence supportive aspects on that specific bull bar.
5. Where withing the price cycle is the current bar, and what is the ema state status?
6. Note that 7 bars have traded without a pullback. How often does that occur and what is the expectation on the next bar?
Hopefully helpful and good trades to you!
