A mid-day low momentum three push pullback is a wedge pullback (WP) and usually is a good entry. On a trend day, this move will usually end close to the ema. On a trading range day such as today, it will usually give a three push fBO of the previous swing low (b52 broke below b27).
Often this may be a G or G2 trade as well and is usually a high probability trade given previous trend in the same direction. Often the WP makes part of a complex mid-day pullback.
cad, did you buy close of b8 on 1Rev, 2nd entry to get 6pts, can't imagine you held till afternoon BO. Thanks.
ReplyDeleteJJ, I actually entered on the close of b8 and exited near the high of b34
ReplyDeleteGreat trade, tks for clarifying. Good job.
ReplyDeleteCad, from high of 22 bar 38 was an a2 that failed on 40 and subsequent break out of 40 lead to a wedge reversal at 52. is my understanding correct or am i missing something? thanks.
ReplyDeleteCad, from high of 22 bar 38 was an a2 that failed on 40 and subsequent break out of 40 lead to a wedge reversal at 52. is my understanding correct or am i missing something? thanks.
ReplyDelete