This has "the look" but not really the technical requirements of an ending diagonal that subdivides into waves of 3-3-3-3-3 Yet, it is happening at what could be the top of a huge move. Cable likes to hit and retreat with the big figures, so I'm thinking that a very low risk short might occur around 1.6900. This would also produce the common Trend Line Overthrow of an ED. Much above that and this is not a valid idea. Good divergence on the macd but the rsi does not really diverge until you drill up to the daily chart. I'm not a fan of ~~ bending ~~ the rules but this has just enough right, And Wrong, I have to give it a try. Especially with the well defined - I know immediately if I'm wrong - low risk. Not taking this trade would leave my butt sore from kicking myself for not taking the short IF I get the price I want: I'd rather be wrong and move on to the next trade. Really need the candlesticks for this one ~~~~~~ To provide a more exact entry trigger and stops.
Comments
dojitrader
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Don't you just HATE IT
when you're basically right - or lucky -
and, somehow, talk yourself out of the trade ?
(worried about coiling and that gave me exactly what was needed)
Harmonics are easy ! Psychology is tough !!!!!!!!
dojitrader
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I'm less inclined to take this trade.
The last Gasping thrust an ED needs has turned into
more additional coiling for --- I don't know what !!!
I'll be watching, but, the idea of an ED is gone.
Especially with sentiment still pointing towards the upside.
This could turn into a long entry trend continuation trade
I'm trying to find my crystal ball
dojitrader
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A little bit of an update already:
Sentiment does not seem to support any kind of a top.
It's a bit mixed but mostly the crowd is looking to be short.
I'm going to be EXTRA picky about my price and risk.
when you're basically right - or lucky -
and, somehow, talk yourself out of the trade ?
(worried about coiling and that gave me exactly what was needed)
Harmonics are easy ! Psychology is tough !!!!!!!!