A shark pattern is completed (T-Bar installed). Note that immediately after the T-Bar, price began to stabilize (T-Bar+1=inside bar) and finally reversed (T-Bar+2 = bear trend bar). By itself it is a good singal to go short. I personally prefer to see a follow through. If the next bar has a lower low, lower high and lower close then it is considered a good follow through. Even better if a follow through bar has a close that is lower than the low of the previous bar.
Hope, guys, with this description you will get more understanding of the execution.
Hope, guys, with this description you will get more understanding of the execution.
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mistypo in the previous comment. "Price is not re-testing" should be "Price is now re-testing"
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bull trend bar after retesting the PRZ. to confirm the bounce need to have a follow through.
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Price broke the PRZ to the downside. This confirms that an upside breakout was a false one. To get a better risk to reward I paln to enter short at a retest. Here's the possible scenario:
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now we have a pull back to the zone. I will wait for at least one bear bar+follow through to execute short:
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now we have a bounce signal. the short entry should be executed if the next bar shows a follow through.
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now follow through happened. Price is hesitating to go lower. Maybe we will have another test of the PRZ. Anyways, I will wait for a clearer situation:
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I ment "NO follow through happened."
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target level is reached
And, of course, if it break below the support thus giving us the evedence that the upside breakout was a false one I will look for a short again.