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Hi there,
49C, we have this Strong Signal Bar according to Al
Does it look strong to you? If so, why? Tail below isn't particularly big, and bear bar before was much stronger.
Is it because we'd expect follow-through selling, but as we didn't that makes it a strong Buy Signal bar?
Context = this is a failed BO below yesterday's Low which you can't see on this chart.
Thanks!
Hi Noah,
I think we can call this bull bar strong because it closed on its high with no upper tail. Regarding the lower tail, while it's not particularly big compared to previous bars, but relative to the bull bar body I think it may be sufficient.
Here's an audio clip of Al describing the quality of a good (bear) bar. He mentions that best sell bars have almost no tail on the bottom, and upper tail 1/3rd - 1/2 the size of bar.
Hope this helps,
CH
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Thank you, OK that makes sense.
Tail is big relative to the signal bar, and it closed on High.