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"Just keep looking for buy opportunities.
And strong trends rarely have good looking buy opportunities.
Even though the signal bars do not look good, typically they are reliable.
The probability is high.
You have to allow for the possibility of a deep pullback, but you have to buy.
Every time you see the market resume back up, you buy."
This trend looks a little weak: Possible MM on BO body height. Accumulating dojis and bear bars. Mainly sideways.
If we are buying, we should be 60% confident of a 1x move.
Experts: what is giving you the confidence of a 1x move?
Hi w,
A few things give confidence:
1) traders are trapped out of longs, they keep looking for a nice PB that's not coming
2) the stop is wide (so position was reduced, so no fear)
3) tightness of the channel, no TLs or strong CC bears yet
4) MM of BO bodies wasn't reached yet for the (A) and (B) trades
5) MM was reached for (C) but the bear bar after the DT had bad FT, didn't leave any breakaway gaps and then bull bar, so another bear reversal failure in progress.
Hope this helps,
CH
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Eco'ing Mr. Carpets feedback
Each setup here is different, and I'm sure there's some good scalps for a pro using a wide stop and willing to scale in.
But in general, can this be classified as "Small PB Leg in a TR" ? And if so, is best choice flat? (regarding correct stop and 1x profit target)
Bonus question: best beginner trades?
- Buy bar #2
- Buy 1st bear bar
I think staying flat might be the best choice, unless like you said entering and scaling in based on price action ... but check out my thoughts without knowing overall context (previous day LHOC or other things) - attached
Just to add (attached)
