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Hi,
I always have a doubt if the pullback is break of trendline or is it a flag.
For example in the figure, market is in trading range, there is a trendline break on bar 39, is it ok to buy on 2EL if bar 44 goes above bar 43, or it would just be 2 leg pullback and bear trend will likely resume, how do you decide
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First of all wait for a breakout of any level or lines
if you want it be a greater probability wait to form MTR setup as here it's HH MTR
filter it as entry
What does it mean to have greater probability? And is there enough buying pressure to consider buying after a BO in the middle of a trading range?
👍
Hello
I apologize for the late response
Our current cycle is TR, so here we have bull and bear decent setups
A parabolic wedge bottom and potential HH MTR after BO of TL
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Bear Trend lacks consecutive bear bars closing near its low, and those bear bars had mostly prominent tails at the bottom, and some dojis.
bar 20-21 and 16 are decent bull bars compared to the bar at CH,
By the time the TL was broken, we had a couple of 2 bull bars closing near its high and a valid BO of TL, and A DB with Support Line
I would rather wait for 2EL
