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Can someone explain why need to exit on 2nd test of entry price after selling HH MTR? There is no strong new low after 1st test of entry price.
Similar case to 39C slide 12 but Al mentioned that there is no strong reversal up for bulls yet to say that it should no longer fall below the entry price.
Can someone explain why need to exit on 2nd test of entry price after selling HH MTR?
The logic is exiting on the second test of a strong swing entry because most strong traders will give up.
Similar case to 39C slide 12 but Al mentioned that there is no strong reversal up for bulls yet to say that it should no longer fall below the entry price.
Following with the above, if the entry is weak there will be not much strong traders in the trade and obviously they will not give up, so the logic changes. Nevertheless if you take a trade and the MKT comes back twice at your entry price, you are probably in a TR and you have to trade accordingly.
Ludopuig, sorry I meant 38B slide 9, not 39B. It's actually a weak swing entry because of tight channel and bad follow-through after 1-bar BO below TTR after trendline break. In this case, what's the rationale for selling 2nd test of entry price?
The tight channel alone makes the probability for a minor reversal high, so you are selling the second entry short for a scalp. You are about a Leg 1 = leg 2 and have a wedge with micro DT, so you can expect a test down.
