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Hi,
Here' a screenshot from the trading course where it talks about Gap as a bull BO bar. I don't know if anybody would have waited to enter a position until they see a Bull BO bar. I would have rather entered a short position before itself the reason being, the few bars before the BIG Bull bar are showing price rejections just right at the point where you see a Double top forming. So i would have entered a short position for a measure move down when I would have seen a Big Bear bar just before the Big Bull BO bar.
Any explanations would be greatly appreciated?
Hello,
Kindly have a look at the above chart. You took an early entry thinking there is double top and a big bear bar. The risk reward ratio is very good maybe 3:1 but the winrate is low maybe 30% because you did not wait for the follow through bar after the big bear bar. Over time my personal taste changed and now I place trades with high win rate like 60% but bad risk reward ratio of 1:1. What I would basically do is either wait for the follow through bar after the big bear bar or wait for the bull breakout because it would increase the winrate but sacrifice the risk reward ratio. If you stick to your strategy and I stick to my strategy, in the long run we both would be profitable 🙂
cool 🙂
I just started the course and your explanation is very much appreciated 🙏
