I am not sure why this one failed. The chart shows in blue the intraday PP at $91.00. The previous day was a bear engulfing pattern and it close near the $91.00 PP. BAX tried to rally in the first 5 minutes but ended up printing a bearish candle with a very long shadow. The next four bars test the PP but did not manage to close above it. BAX then dropped and positioned itself below the 5 EMA. The 10:05 candles was a bullish hammer with long lower wick, but the next candle filled a portion of the wick so I decided to enter on the break of that candle low. The trade triggered 2 bars later, but the next bar was a very strong bullish engulfing bar. BAX rallied from that point on and never looked back.
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