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Regarding chart#2,
Can a wedge be drawn as shown, with the major overshoot?
Is this a good entry- buy the close/high of the Bull reversal Bar?
As far as I watched the course and have in mind that Al prefers overshoots against undershoots, so this should be a reasonable possibility to draw it.
Can a wedge be drawn as shown, with the major overshoot?
No, I have never seen Mr. Brooks draw W like that but maybe I’m just new.
Is this a good entry- buy the close/high of the Bull reversal Bar?
I think yes. Fail BO of DB is also a W variation.
An example how Al sees and draws wedges you should be able to find at bonus vid #06 min. 26:30 fe.
Thanks for the video reference. I see it’s different though. Mr. Brooks draws wedges with either the 2nd push down or 3rd push down as the overshot. I meant I have never seen him pick the 1st push down as overshot like this, but I’m ok if proven wrong.
Here's what Al has to say in the video, "We have a double bottom and a breakout. Whenever there is a double bottom and a breakout, we have 3 pushes down. [On the third push down], traders will look for it to reverse up. I know it doesn't look like a wedge but it functions like a wedge, and computers will trade it like a wedge."
Agree with everyone on the wedge.
What about buying the Bull reversal Bar? Maybe 40% ?
