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Hi everyone,
I’m trying to get a better understanding of where to place my targets for a Minor High/Low (MHL/MLH). From my understanding, an MHL/MLH occurs after a significant countertrend attempt to reverse the market, before the original trend resumes and creates a new higher high (HH) or lower low (LL).
I’ve attached two screenshots with different methods of labeling these patterns and would appreciate any feedback or comments on my approach.
Thanks for your help!
When you say placing your targets, do you mean placing your stops? You would normally put your stoploss at a Major Lower High.
Or are you going long and looking for a target for a climactic reversal setup?
The Major Lower High is the top line in the first screenshot and the bottom line in the second screenshot. There are small final flags just below these which coincides with the final low which would be your target, if fading the move for a climactic reversal.
That final push does look climactic, but it would be a very aggressive long off the first low. It does set up for a textbook DBHL MTR though.
If you're learning price action I would recommend focusing on highly-liquid instruments that are traded by professionals. I imagine the Bitcoin/Tether cross will be very confusing even for Al Brooks himself.
Thanks Kevvy for taking the time to clarify the concepts.
When you say placing your targets, do you mean placing your stops? You would normally put your stoploss at a Major Lower High.
Or are you going long and looking for a target for a climactic reversal setup?
The reason I am trying understand it is because I am trying to get better at understanding the market cycle. Like once it goes above a MHL/MLH, then I should either trade it as the new trend or a trading range.
If you're learning price action I would recommend focusing on highly-liquid instruments that are traded by professionals. I imagine the Bitcoin/Tether cross will be very confusing even for Al Brooks himself.
Thank you for sharing this, I will have a look on how to get started on it, I've been dragging this bit for a long time 🤣
Hi Joshua, my 2c (could be wrong)
