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On this slide, we have bull trend. Failed bull breakout above the channel. Instead of a scalp down to the bottom of the channel, Al mentions TBTL. I'm familiar with TBTL from major trend reversal setup, but I don't really see that setup here. Is there a reason why Al called this reversal instead of a pullback? Is it a bad buy above the bull bar after bears got the reversal down to the bottom of the channel?
Or is the rule 30% chance of bull breakout, and when it fails, expect a reversal? I'm just assuming here as I didn't find my asnwer in this video. Thank you in advance!!
On this slide, we have bull trend. Failed bull breakout above the channel. Instead of a scalp down to the bottom of the channel, Al mentions TBTL
Yes, the last big bull bar is the biggest bull bar in more than 20 bars so this is a reversal pattern. Bulls exit below the bear bar for TBTL.
Is it a bad buy above the bull bar after bears got the reversal down to the bottom of the channel?
The bull bar is small and the previous bar is kind of a surprise, so even without the climatic reversal you should wait for a second entry. If you were aware of the reversal, you could sell above the bull bar for the second leg down because with only 4 bars, the reversal had more to go.
