trader5

It wouldn't be reasonable to short there because it followed 11 bull bars in a row - one would want to see some more demonstrated strength to the downside, such as at least a 2nd failure to break the trend line and a break of the trend line between bar 3 and the 11:30 bar. Traders who took that L1 short were trapped and helped the move surge higher in bar 5. Somewhere in the book, Mr. Brooks mentions not taking an Lx short entry if it follows 4 bull bars in a row.

Is the tcl following the final flag also a 3rd push up? I have marked what I see as 3 possible legs up in the attachment.