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12B slide 19 Major LH
Why is the second and third line also considered major LH? The PBs are small. My understanding is that in a tight channel, the major LH is at the top of the bear leg.
Nop, a LH becomes major if there is a strong BO and new low.
My understanding is that in a tight channel, the major LH is at the top of the bear leg.
Your understanding is correct, but Al says that the next 2 lines are important as well (major but not as much). Given the small PBs, these LHs might get breached at some time but using a tighter stop or a wider stop will net off in the same result. Wider stops will rarely hit but you will lose more, and the tighter(reasonable) stops will hit more often but you will lose less. Anyway, the market might breach these LHs but if it reverses down strongly again (failed BO above an important LH), you will look to enter the trade once again.
I think that is what ludopuig mentioned, as Al explains in his videos.
Also, note to ludopuig - did not mean to step on any toes, if my understanding is flawed, kindly take the time to explain the concept to me as well.
Sir this is gold commodity 30 min chart. On 28 dec.there was bear BO,then channel and has ended and converted in TR. TR lasted more than 20 bars and then BO to the upside. Now MM target is equal to height of TR. So which TR we should count for MM target 1st small box to left side, 1st small box to right side or entire big box.
So which TR we should count for MM target 1st small box to left side, 1st small box to right side or entire big box.
As far as I understood Al, he is looking out for the near MM and when that is reached, he is looking for the next possible MM target. Also he mentions to look if profit taking has taken place after reaching the first MM target as a sign for that possible MM.