hey , i always follow your setups and always learn a thing or two the only challenges i face are entry points. how can you advice me on those basis ... do we confirm entry with a breakout? candle stick info ? or indicators such as macd or rsi? id be grateful for your assistance thank you
Why do you think that a break up will change pattern and structure? Actually this recent up move is a C wave of a larger corrective structure so it is expected to break structure and you could never forecast how far it will push up before turning... looking for the downside is a great idea though! and I presume that you will not take this trade blindly in a counter-trend mode, but will wait for a confirmation that the turn has happened...than you won't have surprises
The question wasn't whether it goes down or not...it was obvious it will, it was a good direction call, as I told you. The question was why do you thought it would not break structure (aka previous high) and the break would mean that the setup is invalid? As I told you, it had to break the previous top and it did, that's not an invalidation sign, that was actually the validation of the structure completion. ;)
@Wave-Trader, You see, mate, what I meant? It has to break structure to confirm the pattern and then it will go down, so that is why the downside was and is a good idea/forecast. You said that if it breaks "structure" it is not a valid setup anymore, so you have now missed the trade, been taken out for a loss or in the best case for break even... It's how the structure behaves...if you really understand it. Now you can look for a sell setup...it is in the making...