Wave 2 Projection
as end of Wave C of a Zigzag Corrective wave
EG
as end of Wave C of a Zigzag Corrective wave
EG
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DislikedLucky Timing?
Entered a Long Trade a little after the bounce off the 15 5 SMA.
Entry was based on estimating how much more it would go down based on my EW count for an expanded wave 4 in relation to how much drawdown was I willing to risk here.
because the new spread I have to pay now has been covered by the retrace , I was willing to take the potential drawdown here.
Entry was at 231.70
EGIgnored
DislikedHi EG,
On the the daily I am expecting support around the 2.0100 area and the end of C.3.1 it may coincide with housing news later. I will close my short there. We should see a retrace to around 220/250 for C.3.2.
Let's see what happens.
AP.Ignored
DislikedGood call on this. I know this trade is now closed and I can see your EW count but if I may, I would like to ask a few questions about the trade:No Problem
1) Why did you enter short at this particular level = 20275?
I went in at 296, end of wave 2 up of larger C, see post 636 of this thread
2) What initial stop loss did you set? Did you apply a trailing stop loss?
I set quite a tight stop loss at 330 because if it breached that figure there would be a good chance of it invalidating the count, fortunately it dropped quite quickly. I never set a trailing stop but said to myself if it went up to a point that I felt uncomfortable with the trade I would close it, but I also knew that the news was still a good few hours away. I think I had about 150 in mind though.
3) Why did you set a profit target for ~20100 i.e. was it based on 20319-20256-20288 with wave 3 @1.618 [20187] and wave 5 @0.618 [20105]?
It was on the 50% fib line of wave 2 retace, also if you look further back there was quite a lot of S&R around that level, also chose round number (Psychological)
4) Did you enter a single position or scale in and out?Ignored