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Does the MTR need a trendline break?
Slide 16 for example, referencing the bull trend up, price had not yet broken below the trendline. There was then a LH MTR, but no BO below the trendline. I thought Al previously said there needs to be a BO of a trendline?
You can see the two tails below the green line as the (weak) breakout. With the BO being that weak and the push up having consecutive bull bars, along with other PA present, made a TR much more likely than a successful trend reversal (as it usually is the case).
I guess TJ is asking about the LH MTR where shorts are indicated. Since there is no Trendline break yet, so do we take the LH MTR short?
Al considers the BO to have happened, so the LH MTR is a good swing trade but TR likely!
Al considers the BO to have occurred because of the weak trendline break with the 2 tails? Thanks!
Should we consider this is a fail break out, therefore no BO yet?
It is a close call so you can see it that way but Al didn't or he wouldn't have marked the trade as a LH MTR. However, when reading a chart Al is not with us so when in doubt look for or wait for more PA. Here, because the big up big down just before the breakout of the trendline made a TR likely, you could see the first two setups also as selling near the top of a developing trading range.