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Do traders look for a MM in the opposite direction from a failed 2nd leg? I was just reviewing 20A/B and Al doesn't mention it specifically, though he does mention a MM in the opposite direction from a failed breakout.
See the end of the day on 12/26/23 for example:
If you take the BO as the range from bars 71-72 and then the end of the pullback as the low of 75, a MM down was tested to the tick on bar 9 the next day. If you measure the range of the BO down you get a test to the tick on bar 17 the next day.
Also, if I use a line chart to measure closes (similar to bodies except accounting for the open gap on bar 71), I see a MM down from the failed 2nd leg to the tick on bar 78:
It's intuitive to me that algos would be paying attention to these levels and I've seen examples of it working elsewhere, but I was wondering if it's in line with the course since I'm still a beginner so I want to stick to the script until I'm consistently profitable.
Thanks!
