Hi WWT -
Outside bars are played from extremes for best results.
They can be played as continuation, but you gotta know the landscape price is moving into.
In this case (see the chart) the BEOB is not really getting us past a zone, (PPZ's are zones, not hard lines), but into a consolidation area, so at best, I'd expect some trouble right away if the bar broke. It is not unusual for old consolidation areas to become the new ones, and sometimes price just rejects off them anyway.
I cannot prognsoticate what *will* happen now, but I see a Small Crappy Pin Bar formed... if it breaks through he current location, 153.50 is a nice area to watch for PA again.
See more in your notes below
Outside bars are played from extremes for best results.
They can be played as continuation, but you gotta know the landscape price is moving into.
In this case (see the chart) the BEOB is not really getting us past a zone, (PPZ's are zones, not hard lines), but into a consolidation area, so at best, I'd expect some trouble right away if the bar broke. It is not unusual for old consolidation areas to become the new ones, and sometimes price just rejects off them anyway.
I cannot prognsoticate what *will* happen now, but I see a Small Crappy Pin Bar formed... if it breaks through he current location, 153.50 is a nice area to watch for PA again.
See more in your notes below
DislikedYesterday, I was looking at this BEOB and almost got into this trade....Ignored
I'm pretty much done with all this ...