Just updating my previous idea with a new chart image. Momentum still not positive so not willing to go long yet despite crossing of 5EMA and 11MA lines. Price also struggling to break through recent sticky level so happy to wait a bit longer. I feel confident regarding the mini elliott wave 5 down and just hoping the correction phase plays out. The recent candles in the 'A' have played out a 1,2,3 so hopefully this is a correction and it will revert to recent larger trend down for 'B'.
Comment:
Wave B started and hopefully will continue down to the last 'supply' zone that is between 66141 and 65674. Fingers crossed that patience will pay off and we can enter a BUY at a good price.
Trade active:
The momentum indicator has moved up into positive territory despite a sideways move on price. The price is slightly below the 11MA and 5EMA both running quite close to one another. Any buys now would be at a decent price but it is quite high above the last real supply zone. I'm putting a BUY trade on with a stop below the supply zone and far enough to give some wiggle room.
Comment:
Price has moved far enough from the entry point so have moved stop to break even (standard procedure). Momentum has moved up a good amount so I am hopeful that wave B has been cut short and wave C is under way.
Comment:
Stop staying at break even despite small move down today. Price holding above trend line and momentum positive.
Comment:
Moved the stop up just a little bit more. it would have been nice to see price take off. Even if it doesn't work out, the main thing, even if you do lose, is to lose as little as possible.
Comment:
Still in the trade and although momentum has slowed down, the indicator shows that it is still positive and still above the 14MA. Therefore, there is still a chance that the trade will take off.
Trade closed: stop reached:
Stopped out for small profit before price moved up higher today. Two good lessons from this trade. The strategy worked along with good money management, i.e. no loss. The Elliott Wave theory did help predict the possible path. It is a shame that the AB waves were so shallow but there will be other opportunities.