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In video BO needs follow through slide 6 Al shows that there was BO and follow through so we should expect some MM down ,but this BO and follow through doesn't break Major high,so should we wait to cross major High. So my question is if we take trade on basis of BO and follow through than BO may be minor because it didn't cross major high yet, and if we wait to cross the major high than how BO nad follow through concept will help to take Trade .
Hi Ankur,
Could you please indicate on the chart which major high you're referring to and why you believe that it needed to be broken? I'm asking to better understand what BPA principles you're trying to use for this trade. Thanks!
sir I m referring this as major high. And after making new high this create a bear leg and then BO to bear lag and follow through. I just want to understand that if we wait for breaking major high then we miss bear leg BO,follow through and MM. So on what concept should we trade breaking of major high or Bear leg BO, follow through and it's MM.
That level is actually called the "prior major higher low". It's a swing low that's higher than previous swing low and resulted in a big breakout to the upside. It's important to specify it like this to avoid confusion since "major high" sounds like HOD.
Yes, you're right to be concerned about that level not being broken because it can easily act as support, and actually can see some bull reaction when it reached there. But I also don't think Al said price will go down for "MM" after the BO+FT of (A) level (at least I didn't hear him say it when listening to the video, if he did say it please correct me). I only heard Al say that a follow through confirms the probability that prices will continue down, but not how much down. Yes, it's still reasonable to expect some MM so you can still measure something and sell, but then have to carefully watch what happens at (B) level and maybe exit above a strong bull reversal bar if looks like the market can't get through that level. Otherwise (B) level will need its own BO+FT to expect the market to continue dropping.
