R:R just over 2:1
Professional Trader and Trading Educator
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Holding above $4,000 level or thereabouts is an indication that we have a Wave 1 in place and we are currently in Wave 3.
So don't be too surprised if we don't hit the short target. With a trailing stop, you can still make a buck or two and IF there is a BUY signal an opportunity to buy at a lower price than currently.
If sellers struggle to push it to $4,000 then this is also indicative that the buyers are stronger than the sellers.
So let's see how this plays out.
Trades like this are what I call my "SEND THE MESSENGER" trades that TEST the market AGAINST my view. If the messenger comes back, all is good on my long call if the messenger doesn't come back that tells me to situp and pay attention.
Another way to manage your trades.
Elliot Waves can get CONFUSING when you apply it to multiple timeframes. I sometimes need to stop and think that I'm not contradicting myself.
So let's clarify, first by reminding you all of my Wave count (which I appreciate not all of you will agree with as you see we are in a Correction Phase) :
Here is what I previously as my current WaveCount view:
So from this, I am saying we appear to be in :
Wave 3 on a Weekly Chart and
Wave 3 on a Daily Chart
and any pullback should not be severe
Hope that makes sense...
if this count is correct and therefore Wave1 (daily) at $4000 we don't want to break.
Bears this SHORT trade is a good WAY TO TEST YOUR ANALYSIS.
If you are Analysis is bang on the money then your price should naturally fall and you will make money$$
I do this all the time. I take very small CONTRARIAN trades to CHALLENGE my ANALYSIS.
In this case, you are looking to CONFIRM your Analysis.
If it fails, and you get stopped out, well the Market is telling you something and you know what the answer is....get back into the FLOW.
The timeframe you trade will determine the type of trader you are - DayTrader, Scalper, Swing Trader etc... Most traders in my experience are smaller timeframes than mine possibly even 3min and 1 min charts.
There is no right or wrong answer. If we are looking at different timeframes often we will see a different perspective.
Hope that explains.
However, let's review the scenario back on 27Sept 17 where I publicly posted IN ADVANCE 3 levels of resistance:
We have broken through Resistance 1 and Resistance 2.
We are now looking to challenge Resistance 3 (around $4,500 to $4650 level. If we break this then there is potentially a great deal of money to be made as we make new highs.
Now it's your choice if you feel uncomfortable that it WON'T break through Resistance 3 (which of course is very possible) and feel the R:R is not worth it and therefore prefer to take Day trades.
Does this answer address your question?