WFC looks like its about to collapse here with this expanding correcting ascending channel breaking to the downside followed by today's bounce that looks like a last short squeeze before headig down.
Hitting long term resistance and also topped 0.786 from previous thrust candle.
I just entered a first position and have a second at the top of the gap.
Stop above top.
Not advice.
Hitting long term resistance and also topped 0.786 from previous thrust candle.
I just entered a first position and have a second at the top of the gap.
Stop above top.
Not advice.
Comment:
Gap filled both orders filled, also its a 0.618 retracement.
Comment:
Should comfortably get back to $30 but i think its going to $19
Comment:
This is looking ultra impulsive and just passed 0.8 retracement so I've exited. I was looking more for a corrective move up.
Comment:
If a big bearish candle prints and i'm paying attention i may re-enter.
Comment:
He we go - re-entered.
Comment:
Tumbling down now - good thing i didnt walk the dog 😄. For the notebook topping ratio was 0.86 which is quite high...
Comment:
WFC rolling out of the corrective channel and looking primed to resume the dominant trend down.
And now when indexes fall I'm already in position with all my shorts. No need to hunt a preferred chart in best position while fast paced price action unfolds, no need to cautiously watch for bounces as I would with trend following strategies. My positions should be out of harm's way. This is the advantage of picking the reversal point on the brink in a slow correction. I can take my time with each chart and then enjoy watching the capitulation.
And now when indexes fall I'm already in position with all my shorts. No need to hunt a preferred chart in best position while fast paced price action unfolds, no need to cautiously watch for bounces as I would with trend following strategies. My positions should be out of harm's way. This is the advantage of picking the reversal point on the brink in a slow correction. I can take my time with each chart and then enjoy watching the capitulation.
Comment:
WFC in an extended correction now testing the upper trendline. Its obviously not exactly what i wanted but those are 2 big gaps and i'll just hold my position as those gaps will get filled I think and then its a collapse.
Comment:
I was a bit early here, but dominant trend appears to have returned to the downside and should be in good profit soon enough.
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