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Hi everyone.
I’m a bit confused by Al's comments at the end of video 15F (starting around 18:58).Al said "We had a double bottom, slightly Lower Low DB, a Micro DB". Then he said "This has a better chance of becoming a HL MTR."
My questions:
1. Which "Higher Low" (HL) is Al referring to? When he calls it an "HL MTR," is he comparing Bottom 4 to Bottom 2（marked in the chart）?
2. LL MTR vs. HL MTR: In this chart, what's the difference between LL MTR (marked with a green arrow) and HL MTR(marked with a red arrow)?
My interpretation：
I think Al called it a HL MTR rather than LL MTR because the 2nd leg up after the bottom 2 showed the strength of bull breakout, which increased the probability of a successful MTR.
Plus, does this imply that when searching for a potential MTR (like a HL MTR), we should prioritize finding a strong bull breakout leg that proves bull strength? Even if the subsequent bottom (like Bottom 4) is quite distant in time or price from the original low (Bottom 2)?
If my interpretation miss some details, please let me know. I would appreciate any insights! Thanks.
hi
hl mtr is when 2nd leg of the major trend fails to get below the first leg as in this given example
bottom 4 is high probability as compared to bottom 3 because
1 market in now in a trading range for more than 20 bars
2 it is a nested double bottom with Bottom 3 plus strong bull bar closing at extreme for signal
