Thoughts on HL? 7.24.23

[chasetrades]

Hello! I hope everyone had some good trades today! I would love to get some feedback on this HL that I took. I was a little suspect of the setup going into it. But I saw a visual 2EL prior, confirming a possibly wider channel and also confirming this HL. Top tier signal bar and about 7 tick risk. The downside I see is that it formed below EMA right after a strong bearish bar

Thank you in advance!

[eric-pal]

It will probably be marked.

Need to see the bar selloff which contained 5 bear bars and a couple of dojis had a second attempt down which created the lows of the pattern. This is important to recognize in that the bearish pressure is being countered and things are changing.

Additionally, you will want to recognize the good signal bar also counters the potential trap on the previous bar. That should not have happened.

Hopefully helpful and good trades to you!

[chasetrades]

Thanks for your feedback Eric. It's much appreciated