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This HL MTR buy follows a very strong selloff. Al always keeps saying (even in this video) that we should look for a 2nd entry buy in such cases. Am I missing something so that breaking this rule in the above case works out alright? In other words, is there any particular reason which makes taking this buy okay and not quite in others?
The buy following the bear bars is a possible second leg trap. While traders generally should wait for a second entry buy, that is an okay buy betting on a sell vacuum test of support (prior low). The trade probably is around 40%, so if traders hold for a swing, it is likely an okay trade to take.
If one wants higher probability, they wait for the 3-4 consecutive bull bars before buying.
