DislikedHey Price!
Hoping I could pop a quick one on the chart you posted there. Doesnt it concern you that it actually is a small hangman your going against, which should signal a reversal? I know it is probably technically an inner bar and it also failed to close below the upper band which i guess has alot to do with going long again, just wondering if that was something you would be worried about?Ignored
I viewed the bar you called a hangman as a simple pullback into a demand zone that was correcting itself in the direction of the trend, although I was on my guard for anything to happen. However if you look at the lower time frames, and the price action which followed after the daily bar, you could also see how the correction was developing after a series of lower time frame pullbacks resulting in 'pins or hangmans' in the direction of the trend. You could watch the pressure building on that level at the top of yesterday's bar. None of the lower time frame hangmen acted like the text books teach. They all headed in the direction of the upward momentum like sling-shots catapulting price up further after you pull back the elastic.
Being familiar with the trading approach which Sho teaches in this and his educational thread, helps to look at charts through a different lens.
Rob