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Hi, I came across a possible MTR today.
I couldn't enter the trade because I thought the bear trend still looked a little tight, and the price action seemed to lack consolidation. But in retrospect, it might have been a good idea to enter above the bar indicated by the blue arrow.
I actually expected a pullback down to about 1.3815, so that it would form a nice-looking HL MTR. If you feel urgent by the BO with few pullbacks, is it a good idea to get long?(in this case, maybe 5 bars after the BO) (usually you should, but looking to the left, there are lots of bars, so I'm perplexed)
Thank you in advance!
But in retrospect, it might have been a good idea to enter above the bar indicated by the blue arrow
This bar closing on the high flipped the Always in direction to AIL so it was BTC. The previous bar was a very decent MTR so you could take the chance as well if you accept lower probability.
If you feel urgent by the BO with few pullbacks, is it a good idea to get long?
Yes, but you have to manage a bigger risk, because the stop-loss goes at the very bottom.
usually you should, but looking to the left, there are lots of bars, so I'm perplexed)
Once you got the BO (the blue arrow bar) and FT, at least you will get a second leg up, so you can buy and watch what happens at resistances, here the first being the previous LH at 8:30.
Thanks for your detailed response. It helped me to put the knowledge into practice!
