LIN, We watch this SHORT trade setup closely !
Updated
LIN is showing a nice SHORT setup ! however, entrance has not yet triggered ! What are entry triggers? Lets follow and see.
As shown on the chart , Wave 2 or B was a real bull trap ! it Retraced back around 0.786 of wave 1 or A. After completion of the mentioned bull trap a considerable decline started which can be labeled as wave 1 of 3 or C. This implies that more than likely we are in internal waves of down going wave 3 or C. After market bounce , LIN has so far corrected 0.382 of wave 1 of 3 or C which can be acceptable for completion of counter trend correction however, we should smartly keep in mind that higher prices (310 or 317) corresponding to higher Retracement levels (0.5 and 0.618) are also possible for completion of counter trend correction which will be labeled as wave 2 of 3 or C.
As currently, there are several possibilities we should watch stock closely and trade smartly. Triggers and conditions for opening or not opening a short position are described as followings :
1. A closed candle below 293 ( Related candle is remarked on the chart) is necessary to open an acceptable short position ! in this case our stop loss is 305.
2. A closed candle below 283 confirms the completion of wave 2 of 3 or C. In this case we can enter more safely but our stop loss is still 305 ! This example shows how traders can adjust and manage their risks. This entry is more safe in terms of Elliott waves but poses more loss in case of stopping out. Choosing between these two entry points depends on trader's risk acceptance and personality.
3. A trade above 305 before fulfilling our entry conditions changes the trade set up ! and we will cancel our orders and still try to watch it closely to capture another safe short setup ! Please remind that higher prices (310 or 317) for completion of wave 2 of 3 or C is still possible !
4. If this trade setup works, our targets will be 215 and 200.
This publication shows how we should follow and watch stocks to find a low risk trade setup. I myself think LIN will see 215 or 200 or even lower prices however we have to trade based on facts and figures. We can enter into the trade only when facts confirms our beliefs.
Please do not hesitate to ask questions if you find it necessary.
Good luck every body and wish you huge profits.
As shown on the chart , Wave 2 or B was a real bull trap ! it Retraced back around 0.786 of wave 1 or A. After completion of the mentioned bull trap a considerable decline started which can be labeled as wave 1 of 3 or C. This implies that more than likely we are in internal waves of down going wave 3 or C. After market bounce , LIN has so far corrected 0.382 of wave 1 of 3 or C which can be acceptable for completion of counter trend correction however, we should smartly keep in mind that higher prices (310 or 317) corresponding to higher Retracement levels (0.5 and 0.618) are also possible for completion of counter trend correction which will be labeled as wave 2 of 3 or C.
As currently, there are several possibilities we should watch stock closely and trade smartly. Triggers and conditions for opening or not opening a short position are described as followings :
1. A closed candle below 293 ( Related candle is remarked on the chart) is necessary to open an acceptable short position ! in this case our stop loss is 305.
2. A closed candle below 283 confirms the completion of wave 2 of 3 or C. In this case we can enter more safely but our stop loss is still 305 ! This example shows how traders can adjust and manage their risks. This entry is more safe in terms of Elliott waves but poses more loss in case of stopping out. Choosing between these two entry points depends on trader's risk acceptance and personality.
3. A trade above 305 before fulfilling our entry conditions changes the trade set up ! and we will cancel our orders and still try to watch it closely to capture another safe short setup ! Please remind that higher prices (310 or 317) for completion of wave 2 of 3 or C is still possible !
4. If this trade setup works, our targets will be 215 and 200.
This publication shows how we should follow and watch stocks to find a low risk trade setup. I myself think LIN will see 215 or 200 or even lower prices however we have to trade based on facts and figures. We can enter into the trade only when facts confirms our beliefs.
Please do not hesitate to ask questions if you find it necessary.
Good luck every body and wish you huge profits.
Note
We made another nice trade ! Congrats great followers.Who took the advantage of this call ?
Note
Note
LIN will more than likely reach to our proposed target.
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