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BOM, but TR started after 2nd bar
I have this example of a trading range on the open, but the price never went above or below the 1st bar - it started after the 2nd bar.
Is it ok to consider this trading range as a classic BOM on the open?
This is a nice example with many ways of looking at it. Some thoughts in no particular order:
1) Yes, a classic BOM TR on the open.
2) An 18 bar opening range with BO to the upside making it only 20% chance of going below LOD.
3) An ascending triangle (65% chance of BO attempt to the upside instead of downside)
4) Can see the first bar of day as a micro trend. It was broken by B2 and followed by two micro pushes up into MA (1) (2) that failed.
5) Al's blue box is in the upper 3rd of the TR which is nice.
6) A and B created a DB. The market was failing to go down twice so can expect it to then push up for at least 2 legs (red arrows).
Thank you Mr. Carpet for the detailed answer 🙂
Why is the blue box placed below a bear bar and the market is falling? Usually it is above a bull bar.
Blue border boxes indicate reasonable trades for beginners.
Red inside indicates sells. Green inside indicates buys.