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In video 47
Al says that it is ok to Buy high or Sell Low in a Range if leg is strong.
Are there any exceptions to this ?
I find myself always hesitating if I should look for a reversal or a With trend trade in case to leg is strong.
If I don't trade with trend I get a feeling of FOMO that I will miss out on a strong BO of the Range.
But if I enter with trend I get fearful that the market will very suddenly reverse because Al also mentions that in Trading Ranges, what looks high probability isn't that high and what looks low probability isn't that low.
For example, here are some trades I entered this morning
On the 1st Buy, I joined a Tight bull channel and exited on a Strong bull close because it reached for the top of the range and was looking climactic.
On the 2nd buy, I saw 2 bull bars attempting to resume the tight channel so I got long again but now I was buying at the very Top of a potential Trading Range after a climax, so when it started to reverse I didn't manage to reverse Short and I missed out of the Strong Bear move.
Was my buy reasonable or Should I have been looking for a Short instead ?
Hi Fabian,
the 1st pic should be clear BHSLS in TR and if you are unsure just do not take a trade.
The 2nd pic is showing a tight CH down, a break of a TL a short retest and a leg up. After a DB at the low. Your 1st buy was in the 2nd leg and approaching YH.
The 2nd buy followed after a TL break by the bear bar, so a trend is broken and your 2nd buy was from my point of view in the 3rd leg creating a DT on the TOP of the range from Y. Bulls didn't manage to BO above YH and when market tries something twice without success it reverses most of the time in the opposite direction.
Fabian, Hubert,
My 2c. Marked chart as exercise for me ... i also noticed EMA is not on the chart, when EMA is flat it often suggests prices are in the trading range