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Nov 17th Daily Setups
Al mentions Failed BO below DB. Why is it a failed BO? There is follow through after BO. At what point one can call it a failed BO?
With a 6 bear bars micro channel (leading to failed BO below DB), is H1 still a good buy which is marked as buy on the chart?
Good questions. My take on this is: Depending on timeframe, if you are scalping, then yes, there was a confirmed BO with BO bar and a follow thro bar. You could have scalped a few points on the way down. It could be seen as a failed BO using the larger picture, once price moved back up in that last bull leg of the chart, above the bear BO point we are discussing. Before that, it can't be called a failed BO imo.
The context. Price shot down to test the low of the large bull BO bar on the left. (We have a bull spike and channel. There was a test of the channel low, and after that we saw this micro bear channel move down to test the large BO bar low). Then once we got there, there was a micro DB so a buy after the bull bar was a decent trade imo. The last leg down could also be seen as an exhaustion move, it was also a wedge pattern.