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Hi All,
Attached screenshot has two timeframes, The top one is 1 hr timeframe whereas the bottom one is a 5 min.
My confusion is when I look at the hourly timeframe it doesn't look like a trend reversal instead it looks maybe a second leg down but then I am confused since the left side was a tight bull trend and this was the first time it breached the bull trend line with a leg down.
On the 5 min chart, It looks like a MTR from a bear to bull trend although after the test of extreme the bull bar is not that impressive but then the test seems to be successful unless I am getting it wrong.
Any suggestions how you guys see it ?
@Mr. Carpet I would like to get your view on this please
Thank,
Nandkishore
Looks like no one wants to clear my confusion ☹️
or my questions are too dumb for anyone to answer?
Looks like no one wants to clear my confusion
If you direct your question to a specific person on a community forum, you are right in thinking that I personally would not "want" to clear your confusion.
The 5 min MTR chart you are talking about is minor compared to the one I marked on the chart you shared. I might even say, it is of relatively no consequence.
On top of that, a good looking MTR setup has 40% chance of swing. It also needs a good signal bar. The one you are talking about has a terrible signal bar(bear bear). Hence, of no consequence.
Remember, markets have 2 facets. Every bull scenario also has a bear scenario. In this case, the bull MTR that you are seeing - the flip side of that is a bear channel. There isn't enough evidence to show me the bear channel has transitioned into a TR - the bulls are failing at the EMA.
Sorry I didn't mean that why while I put Mr. Carpet's name.
I wanted everyone's opinion that's why I greeted everyone not just Mr. Carpet. Don't get me wrong on this I also wanted his opinion as well on this, the reason being sometime he puts other charts and gives out certain clues which has really helped me and as a trader what you want more than to avoid more and more mistakes, suggestions from others are also as important as him and I try to take those onboard while trading.
Thanks for that explanation, it does help knowing what your perspective are while looking at those charts. You are absolutely correct on the 5min chart, I did think the bull bar was not great as the volume was also less and the entry bar was last bar of the day. But I was just wondering if test of extreme is successful, even though the follow through bars were not great should one enter or not? Well i think you gave the answer and so as the market today, it went down for couple of legs.
Regards,
Nandkishore
