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Hello, I was wondering why was a bar 56 not a good low 2 short?
It is a low 2 following a LH DT MTR. The problem the bears have is that bar 55 is a surprise bar and it is forcing traders to sell in the middle of a trading range following a bull trend (weak bull channel).
It is still an okay short, especially if one can manage the trade well. For example you are short below, disappointed by bar 57-58 (you wanted strong Follow-through), so you exit above a bar 58 or 60 for a small loss.
I agree with everything Brad said.
To me, while its not a bad short, (low2, closes near its low, ), why not wait for a higher quality setup which doesnt come just after the combination of the opposing wedge, sell climax, and strong opposing trend bar?
I was thinking that the continuation of the bear trend was more likely at that point, quite a few big bear bars closing on their lows. Didn't give much importance to the big bull bar since it reversed right away.
Appreciate the answers!
