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Anyone know if bars in red rectangle area is an MTR
Why/why not
Not an MTR.
Following 4 consecutive bear bars, so bulls will wait for at least a 2nd entry or some kind of a DB. Also, since not an early morning MTR setup, not enough bars to be major, need more bars down for it to be major.
Hi W,
Besides Abir's already complete answer, I'd like to add my 2 cents.
You are considering if it's a HL MTR, but the sell off to the HL is too strong (4 consecutive closing bellow mid point with 3 closing on or near its low), so expect first reversal up to be minor and strong enough for a 2 leg side way to down.
Also 60% of MTRs end up as minor and not major.
Also the signal bar is a bull bar closing near its high right near EMA so possible trap. I'm not really sure about this point though. Can any one confirm/disprove?
Cheers!
