My idea is supported by two main analyses:
HIGH RISK trade, remember this is against the major trend so place your stops accordingly.
Risk/Reward ratio is excellent nonetheless, and that's the main purpose of this trade.
- Elliot Wave count for a triangle formation ABCDE currently at E indicating a new impulse in the opposite direction might be coming.
Bearish Gartley pattern fully formed.
Bearish AB=CD pattern fully formed.
HIGH RISK trade, remember this is against the major trend so place your stops accordingly.
Risk/Reward ratio is excellent nonetheless, and that's the main purpose of this trade.
Note
Stops moved to BE for protection. The market is unstable, it is better to be prepared and wait for the news.Note
Trade is evolving just as expected. DJI index official volume numbers show healthy reversal heading lower. I'll use volume as my indicator for an exit in case i see volume decreasing.Stick to the plan.
Note
Wave 1 seems to be completed. Wait for a retrace to complete wave 2.So far, so good.
Note
Looking good. Note
Better than expected. Wave 2 earlier?Note
Note
First target, incoming!Note
Heavy buying at the bond market. Buyer unknown.
This will make yields go lower for a bit. It could boost stocks also.
So, i'm paying close attention.
Trade closed: target reached
On point! 2nd order still open.
Note
Possible turnaround here, watch this support.Note
Almost got the second target. Also, the long term trendline seems to be broken (candle closed below) BUT, i'll monitor it anyway.
I also might move my 2nd target further down to last low.
Note
Bullish GartleyKeep this on your watch. I'll keep my 2nd target but i'll move stops just a bit above my 4th wave projection.
Note
Was that wave 4? hmmm
Trade closed: target reached
Saw that low volume on the rise, reentered at 24414 and many times on the drop. I call it a day. This is going to retest and possible jumping back, due to the risk I prefer taking profit and waiting for a new opportunity.Hope you had a nice ride as I had.
Cheers
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.