Classic wave 4 triangle in the making. Volume of wave 3 was awesome. Good thing with this play is that all you have to do is set your stop loss at the bottom of the C wave of the triangle (roughly 4900$ or slightly lower to be safe). Risking 150ish for a $650-700$ gain. If the stop loss is triggered, we know that this was a correction, not a 5 wave impulse, so going short is easy as cake.
Gravy play and basically free money either way. My general trading advice: -Don't risk more than 10% of your capital in one trade. -ALWAYS set a stop loss below support- leave room for hunting wicks of course. -leave emotion at the door because there will always be another trade just around the corner in this wonderfully volatile market. -the most important thing you can do as a trader is to protect your capital. Losing a little bit and getting stopped out of a trade is the same as winning- if just one of those stops wasn't hit and price kept falling you'd go broke very, very quickly.
Trade closed: target reached
⋅
Target reached and still going. Check my updated chart for the new count. Was basically 100% spot on. Who says Technical analysis doesn't work? Broke mofos that's who.