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Why sell under close of Bar#9
Few follow up questions...
Which 3 Bars make the wedge top? (1,2,5?)
Are Bars #6,7,8 an expanding wedge? If so, is be better to wait for a close below before shorting #9, or maybe short@ the low instead of the close?
Do Bars #5 & #8 form a micro double top? Do Bars #6 & #7 form an additional micro DT?
Is Bar #9 a 50% Pullback? If so, does that favor Bulls/Bears?
Bars #6,7,8 ioo Pattern: does that have significance?
Considering only the first 10 Bars, is it more aggressive to sell @#9 Close or Buy@ inside bar #10 High?
If you did short #9, what is the exit point?
Is entering on the first bar ever a good idea or better to let things develop a few bars?
50% Pullbacks have a 60% chance of Trend Resumption.
Which 3 Bars make the wedge top? (1,2,5?)
Either 1,2, 5 or 1,5,8.
Are Bars #6,7,8 an expanding wedge?
They are an expanding triangle in a lower time frame. Here they are an OOO pattern.
If so, is be better to wait for a close below before shorting #9, or maybe short@ the low instead of the close?
The OOO pattern triggers when bar 10 trade below, so you sell the low.
Do Bars #5 & #8 form a micro double top? Do Bars #6 & #7 form an additional micro DT?
You could see it that way, if you wanted. For me there is a Wedge with an OOO pattern so this is a swing short.
Is Bar #9 a 50% Pullback? If so, does that favor Bulls/Bears?
Yes, and also a DB 2, so if bulls get a bull bar bears will exit.
Bars #6,7,8 ioo Pattern: does that have significance?
Yes, they form an OOO pattern which is a swing setup. Check them in the theory.
If you did short #9, what is the exit point?
9C is not a short, 8L is the swing sell but nevertheless, the exit is above the bar marked on the chart with a green box, 10H.
If you see, bar 11 went below bar 8L where many dissapointed bears exited BE, and this helped bar 11 to take off. Other bears exited 10H and the final bears were stopped out at 8H.
Is entering on the first bar ever a good idea or better to let things develop a few bars?
Yes, you can see 1H is marked this particular day. Yet, if you check other days you won't find many trades on bar 1. Anyway, waiting to see more PA is never a bad option because there is no need to rush on the first bar, especially when it is that big. If you lose, you will spend the whole day trying to go back to BE and, with such a big loss, you probably won't make it. Not fun.
Regarding Bars 6,7,8:
The abbreviations glossary did not have info on ooo, but it did have oo.
Bar 6 is inside Bar 7.
Bar 7 is inside Bar 8.
How is this ooo?
It looks like ioo
The OOO pattern triggers when bar 10 trade below, so you sell the low.
How is this a goodsell Setup?
Bar 9 did not close below the triangle (red dashed line), likewise with Bar 10. Also Bar 10 is inside 9 and Bull. Both 9&10 have tails below indicating Failed Breakout.
The abbreviations glossary did not have info on ooo, but it did have oo.
You have a dedicated section within the encyclopedia. An OOO pattern is a breakout mode setup, so you can buy and sell. They are discussed in the course but I can't find exactly where. Check it out!
Bar 6 is inside Bar 7.
Bar 7 is inside Bar 8.
How is this ooo?
Reading them from right to left: 8 is outside 7, and 7 is outside 6.
How is this a goodsell Setup?
It is a swing setup (low probability).
Bar 9 did not close below the triangle (red dashed line), likewise with Bar 10. Also Bar 10 is inside 9 and Bull. Both 9&10 have tails below indicating Failed Breakout.
Yes, the OOO pattern failed and trapped bears so you could buy above the bull doji or, if you wanted higher probability, 12C and next bars.
Reading them from right to left: 8 is outside 7, and 7 is outside 6.
8 outside 7 = o
7 outside 6 = o
= oo pattern
How is it ooo pattern?
Yes, the OOO pattern failed and trapped bears so you could buy above the bull doji or, if you wanted higher probability, 12C and next bars.
How can bears get trapped into selling a bar that never broke out of the triangle (red dashed line on bottom). Buy above the Bull doji looks low Probability, it is inside #9 and did not break above triangle. 12C buy looks good
It is an aggressive sell to go short but a good sell to exit longs.
Any buys on 1-5, stop Loss should be 1 tick below bar 1, so exiting longs on a bar closing within a triangle seems premature.
It is an aggressive sell to go short but a good sell to exit longs.
Also, bar 9 is a 50% Pullback which favors Trend Resumption & possible double bottom with Bar 2
How is it ooo pattern?
Ups, my fault... doing too many things at the same time. Sorry, I should have said OO, but the theory is the same: it is BOM and a swing setup.
How can bears get trapped into selling a bar that never broke out of the triangle (red dashed line on bottom). Buy above the Bull doji looks low Probability, it is inside #9 and did not break above triangle. 12C buy looks good
You will understand once you finish the entire PA fundamentals part. You are rushing too much and having an opinion without really knowing the theory. This is not good and one of the biggest sources of failure. Take your time, watch and understand the videos where everything is explained.
Any buys on 1-5, stop Loss should be 1 tick below bar 1, so exiting longs on a bar closing within a triangle seems premature.
It is not, though it is neither the only possibility. You have ahead videos explaining stop-loss management.
