What does this "Order cancelled" mean ? Does it mean bull within next 60 days is not valid anymore ? Thanks in advance for your reply.
at.nexus7
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@prakash_tv, Since this is a continuation pattern, we expect the initial trend to resume after a pause. The bar that closes above the declining trend-line indicates that pausing period ended and we are ready to move higher. Breaking a high of that bar is our entry. Since we never reached our entry and moved lower, reaching our initial stop, we can conclude that the setup failed, and that a price isn't ready to move higher, hence the cancellation.