The bars leading to the breakout of 'BX' are quite large= climatic behaviour= This up might not last.
But The bars also show strong buying pressure, and so we might get a follow through buy.
In the face of such argument, I prefer to sit on my hands, and watch what price does next.
UTL=UpTrendline = A line from the Lowest Low, upward and to the highest minor low point preceding the Highest High so that the line does not pass through prices in between
these two points.
DTL=DownTrendline = A line from the highest high point downward to the lowest minor high point preceding the lowest low so that the line does not pass through prices in between these two high points.
SX/BX =Sell Climax/Buy Climax
BOL=Breakout limit (Determined when price seize to make a new high/low in 5 bars since the last high/low following the initial rally/selloff after TL BO)
LH MTR = Lower High Major Trend Reversal = Leg up following the 'BOL' gets close to 'BX'
HH MTR=Higher High Major Trend Reversal = Leg up following the 'BOL' exceeds 'BX'
LLMTR = Lower Low Major Trend Reversal = Leg down following the 'BOL' exceeds 'SX'
HL MTR= Higher Low Major Trend Reversal =Legdown following the 'BOL' only gets close to 'SX'
TR = Trading Range (Tradable legs implied)
1. Trend trading until the weight of evidence tells of the absence of the trend.
2. And to trade the potential legs within the trading range, when price finally breaks the , and enters into a tradable trading range, until there's a trading range breakout- continuation or reversal.