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Hello everyone,
Two cases that are not viable as entries .. what would be the argument?
1: Because the leg down is in the process of forming a potential Micro Wedge
2: As you have written there is Small PB Bull trend, so probabilities are very high that there would be a retest of the high, so that leg down isn't that good for shorting.
1. Like Shubh said: micro wedge. More in detail: there was a bull MC followed by a bearbar. But bears got no bear FT but a bull FT and another beardoji. Look to the left: compared to the bull MC there is something wrong with the bear case. Your sell would be below a bearbar that is an inside bar of a bear doji... lots of arguments for more sideways PA.. Plus: low in opening range.
2. open gaps in SPBL act as support. Here the sell would be right above the open gap PLUS EMA. PLUS: 1st TL break like Shubh mentioned. PLUS: its a two legged move, so maybe just a two legged PB to EMA - you can even spot a wedge on a lower timeframe just for the fun of it, lol. So too many arguments not to sell but rather buy.
Shubh Pach, Hardy - thanks a lot for your feedback!!!
