by eric-pal » Sun Jul 23, 2023 6:05 pm
Visually a potential reasonable entry.
You caught that it could be entering in the middle of a trading range, which is the hesitancy. However, the entry bar only achieve 50% pullback into the prior bear leg which is showing good rejection. So the question becomes how did prices move as that bar was forming. Was is a meandering waffling up and down, or did you see a stronger consistent push downwards to complete the bar?
The trade marked by Mack becomes an obvious rejection and trap of the bull bar, so easier to take (because it will move like a failure 1 tick under the bull bar).
Good selection!
Hopefully helpful and good trades to you!
Visually a potential reasonable entry.
You caught that it could be entering in the middle of a trading range, which is the hesitancy. However, the entry bar only achieve 50% pullback into the prior bear leg which is showing good rejection. So the question becomes how did prices move as that bar was forming. Was is a meandering waffling up and down, or did you see a stronger consistent push downwards to complete the bar?
The trade marked by Mack becomes an obvious rejection and trap of the bull bar, so easier to take (because it will move like a failure 1 tick under the bull bar).
Good selection!
Hopefully helpful and good trades to you!