Quick Queries

Hi Patrick,

I think at this point on the chart the big question is will the market go up for MM (A) or down for MM (B)? Unfortunately given the bars visible it looks like middle of possible trading range after BUBD (big up/big down). So at least for now we assume 50/50 where it will go next. I'm leaning more bearish because the proceeding move was so strong (red circle). If you think of that strong bear move (red circle) as a micro trend, then so far there was a break of TL and one retest attempt of prior extreme low. To buy we'd want something similar to an MTR (on micro scale), which usually involves break of TL, strong retest of prior extreme and then one or two failures to resume the trend down. 

So for me to buy, I'd want to see bears fail to take it lower multiple times, form some kind of wedge bottom or small DB (D) and coincide with being in the lower 3rd of the overall TR (vice versa for selling).

And to be honest, even after all that I would question buying with stops above bars if price is again somewhere in the middle of the TR. Here's a quote from a webinar:

"I know we're all traders and want to trade, but you have to want to make money more than you have to want to trade. And the single most important part of making money as a trader is not losing. And there are patterns that take place all day long. And you can't be trading an algorithm that has an inherent 99% chance of busting your account over time. So if this is a trading range day, [...] you look to buy below significant lows. [...] And you look to short above significant highs." - Al Brooks, Jan 5, 2010 @ 1:13:57

So either I would buy with limits below prior swing lows (not for beginners). Or wait for a bull BO after failing to break below the TR (E)

Just some ideas off the top of my head xD
CH
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Patrick, CH, to my new knowledge i'd lean onto E pic 🤔 ... how that fair bull tight channel vs bear micro channel? Same time big up big down? we may want to give more credit to micro bear traders? That last bull bar retraced 50% and has a gap (learned that today from the course 🕺) but could be all wrong ...

Some annotations as far as thoughts ...

[EDIT] - if the chart contained EMA - that would shed more light as to range vs trend, no?

Thank you so much Mr Carpet and Mike for sharing your views on this configuration. I was in fact reviewing some random days. What happened after was a clear swing up. I could not decide wether this configuration was enough to decide, or if needed few more bars to decide. Your replies comfort me in my analysis, it is quite fifty fifty, and few more bars were necessary to decide. What happened after : 2 decents bull bars closing on their highjust came right after, so to me, became always in long and a buy for a scalp at least.