Hi Happy,
The rejection, failure and confirmation are easy to spot after a few bars or EOD, not when the action is actually happening.
On which bar would you have the taken the entry based on the above price action? Is it the candle that is marked with a down arrow?
Hello
I am following your rapid fire journal, nice work
In the above case, even if we don't notice the rejections/failures off the bat, the EWS (early warning system
gave us a clear indication, creating a doubt on the up move, forcing us to checkout/examine the PA more closely.
On the 10 mins chart that is posted above (even ignoring the rejections/failures) it easy to see the price is making lower highs and lower lows (standard trend change indication), leaving no doubt about the up move not working out.
Add to that the bias from higher time frame is towards downside (still we keep taking long trades, as the reversals payback for the whips)
After the bearish engulf (confirmation) we had about 30 minutes (3 candles) to position our short future / long put trades. The system arrow comes at close of a candle. The entry after the close of this candle (with arrow) is a good one but almost always gives us slippage. So I use it to scale-in if already in, if no initial position is there then try enter near close of candle with arrow.
Meanwhile as i type, on BNF we have a long entry a rejection trade, spotted as it happens
Happy