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This might sound like a dumb question, but i don't really always understand when should i consider a strong 2nd leg like a 2nd trap situation, or when it will probably get a 2nd leg of it's own , creating a bad H2 for example.
In this example below i feel like it's a bad idea to buy , but then i am thinking , isn't it a 2nd leg trap situation , with a 2nd leg much stronger than leg 2 , and very dissapointing follow through? How do you guys differentiate when good trade or bad ?
You can either saclp out with a small loss and enter again later, or put the stop below the big bull leg on the left. It should be a good trade with good management
Look to the left. You come from a bear trend with a small bear trend pullback, and 10 bars bellow MA.
First time the bull try to break the MA will probably fail and trend will form a trading range or will go back down.
Here it forms a trading range. Then when the trend goes back down, it forms a wedge bottom near the low of the TR. That is a good buy.
When I have doubts I look to the left and see where I come from.
I tend to favor a range-bound market. The channel on the left is relatively narrow, and the first rebound was quite strong, leading people to doubt the strength of the bears.
