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Hey folks, two quick questions:
1. I understand that both bars 5 and 25/26 are reversal bars, yet bar 6 is marked with a long entry, but not bars 26/27. I guess the difference must be the context, right? Why is the first case a good entry but not the second?
2. If a trader enters long above bar 25 or 26, I think a reasonable stop would be below bar 4. But what if one enters long above bar 5 as suggested in the report, is the correct stop still below bar 4?
Thanks!
Wedge-top patterns are usually followed by two legs down. There was only one by bar 25.
The correct stop is below bar 4 for any trader who bought above bar 25 or bar 26 who also believed that there was going to be a second leg down after the wedge-top pattern and was willing to flatten manually during the event that their premise changed.
