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Do 20 bars or more rule that bring bulls and bears probability to 50% equally apply to daily charts, meaning 20 or more days, the chances become 50%? I am asking as TBTL applies to the higher time frame where the pattern is visible, not to the trading time frame. Thanks!
Yea I'm wondering about this as well. When Al talks about number of bars, does he means 5min time frame? Say if a trend goes on for 20bars or TR goes on 20 bars in 5min, it's almost 50 bars in the 2min time frame which I trade in
The 20 bar rule applies to all time frames. In general, if the market goes sideways for 20 or more bars it makes the market close to neutral. However, if the market goes sideways for 20 bars in a strong bull trend, the probability might slightly favor the bulls so context is key.
It is important to focus on the chart you trading. 20 bars of sideways on a 5-minute chart may just be a 2 bar pullback in a strong trend on a 60-minute chart.
Thanks Brad!
