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Hi guys, I am still sticking to Al's recommendations for new traders and only enter trades when there are at least 2 reasons to do so. Earlier today, I wanted to take a position, however at that time I could only think of 1 reason and was not sure of the other. My question is if :
- Is this a H1 above MA and BO pullback buy setup?
- Can a BO pullback buy setup be considered as a reason?
Thank you !
Hi Joshua,
Yes that's an H1 above MA. Some other reasons could be:
- after break above bear TL micro tested it twice (tails on previous bars rejecting off that TL)
- tight microchannel so first reversal attempt will probably be minor
However, there are some arguments for the bears as well:
- DT resistance above
- Possibly the whole chart as seen here is in TR and price is in the upper 3rd
- Any huge bull bar may be a vacuum test of the top of TR
Hope that helped,
CH
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Hello Mr Carpet,
Apologies for the late reply, and thank you for your reply. It was very helpful. Would you consider the bar I marked as pullback buy setup? And if yes, is it considered the same as a H1 and therefore based on my "marking" it could only be considered as 1 reason at that time? Thanks again
How about all these reasons for a buy?
- H1
- all bear bars have been bought immediately in this leg up
- after break above bear TL there was a double micro test (tails on previous bars rejecting off that TL)
- tight microchannel so first reversal attempt will probably be minor
I totally missed the idea of the bears being bought out and if I remember correctly, the micro DB. Thanks again Mr Carpet, you've been really helpful 🙂
