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Dear All,
Refer to figure-1 which I have taken from AL encyclopedia.
In figure-2, I have highlighted with red pen 2 consecutive bars among them one is below the bear trend line. So, how is it BO as AL always says that 2 consecutive bars must be above the bear trend line for BO to be successful.
Is it still not within TR that can reverse.
I would like to know why AL is suggesting to buy their. Is the only reason is context or there is something else ?
Looking forward your suggestions.
Regards
Hi Harpreet,
If you read the text on chart Al is giving 3 common conditions for breakout. You are focused on only one of them.
The 2 bars closed near their highs with closes above EMA. Also, it was midday (the chart topic) and following a wedge bottom. So several contextual reasons to buy breakout. Of course, it could still fail as you suggest but not in this case. 🙂
Thank you very much.
