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Is this a Two Legged Pullback?


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Is this a Two Legged Pullback?

  #1 (permalink)
jonnietyler
Fort Pierce, FL
 
Posts: 5 since Dec 2022
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Hi all, still new to the forum so bear with me.

I'm learning about how to identify Two Legged Pullbacks in the market. Here is a screenshot from MES this morning.



The second leg up does not meet the general requirement of testing the EMA. Is this an entry for any of you? Why or why not?

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  #2 (permalink)
 
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 blackgrey45 
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It looks like the area you shaded is still decreasing in price, unless that is what you are asking.

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  #3 (permalink)
jonnietyler
Fort Pierce, FL
 
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Yeah i'm wondering if the shaded area counts as the second leg up and if we would consider it a valid entry point.

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  #4 (permalink)
Louis Winthorpe
Bedminster, NJ
 
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I wouldn't count that since it's so far away from the EMA.

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 Mik618 
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With that I'd enter long, just due to double bottom, with tight stop of course.

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Last Updated on January 11, 2023


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