Following my previous post we note a sharp reversal at what might be a new WW pt 2 developing on Nov 26th, mid-morning in the USA.
How do I know?
The reversal point is a point 4 from another WW on the 1 hour time frame. How do I know?
Study how Wave 4 forms intently and you can predict Wave 4 very accurately.
Matter of fact, if you know where point 4 will develop, and you already have a point 5, its a quick profit, but, in this case its a countertrend move!
So I should exit my positions at point 4! Wait for the point 5 and re-enter.
What I did was exited one contract there within a few ticks. The reversal took about a minute. I was away from my computer
I would not reverse and take a countertrend as this is downtrend. It was a painful evening - I live in Africa - and I went to bed down $1,500
Woke up to find I was only down $700.
So today the trend resumes. On this chart is looks like a period of consolidation. Not so.
Go to Part 3.
How do I know?
The reversal point is a point 4 from another WW on the 1 hour time frame. How do I know?
Study how Wave 4 forms intently and you can predict Wave 4 very accurately.
Matter of fact, if you know where point 4 will develop, and you already have a point 5, its a quick profit, but, in this case its a countertrend move!
So I should exit my positions at point 4! Wait for the point 5 and re-enter.
What I did was exited one contract there within a few ticks. The reversal took about a minute. I was away from my computer
I would not reverse and take a countertrend as this is downtrend. It was a painful evening - I live in Africa - and I went to bed down $1,500
Woke up to find I was only down $700.
So today the trend resumes. On this chart is looks like a period of consolidation. Not so.
Go to Part 3.