2/6/23 trade question

[cg_216]

hey guys,

I took this failure for following reasons:
- context - looking for new low of larger DT. Had break and new high in place (Correction)
-visual 2 legs
- large bear bar
-proven support above(red line)

cons:
- made HH
- EMA didn't hold
- few large bull bars(showing momentum)

clearly missed something...

p.s. - slowly working through the lectures...pretty insightful stuff so far

Screenshot 2023-02-06 204215.png (110.22 KiB) Viewed 1386 times

[eric-pal]

Thank you for the compliment. The course took a long time to develop and create.

A couple of quick aspects. First, please do not begin with failures. There is a prerequisite knowledge of something which has a probability of succeeding first. Failures, at the beginning, often slows progress.

Some quick feedback.
1. That isn't where the failure should be
2. Signal bar characteristics.

The second one on the chart has potential, and Mack marked, but there are a few elements which make it work (not the counting).
1. 50% pullback of 5 bar bear micro-channel
2. Trap of good signal bar before

Without those elements, you will find that the "counting" will fail more often then you expect with 3 bull bars.

Hopefully helpful and good trades to you!

[cg_216]

Hi Eric,

I should have provided some context on background but failed to mention that I've been at this almost 3 years so I'm still new but gaining some experience. With that said, can you dive deeper into your comments?

Some quick feedback.
1. That isn't where the failure should be. - OK, should the EMA hold and be under it? Bigger picture, we could be looking for a failure here, right?
2. Signal bar characteristics. - please explain?

Thanks for your time, Eric.

[eric-pal]

Getting into failures will just hinder progress, so topic for another time.

However, for the signal bar, you will want to review 3 Top Gun Signal Bars (1hr 5 minutes) again, if you have not yet. The homework from that will also provide additional insights.

Good trades to you!