After my six trade experiment with using purely S/R and reversal patterns as my strategy, I ended up 2 for 6, breaking even profit wise.
I will continue to try and identify opportunities at strong support levels, but I'll be attempting to hone in on my targets and exits using Fib retracement lines. I will also begin incorporating the 20 and 50 day EMA's to identify opportunities where price touches or breaks through. Finally, if an Elliot Wave is obvious to me, I'll be using it to aid in my decision making as well.
I will continue to try and identify opportunities at strong support levels, but I'll be attempting to hone in on my targets and exits using Fib retracement lines. I will also begin incorporating the 20 and 50 day EMA's to identify opportunities where price touches or breaks through. Finally, if an Elliot Wave is obvious to me, I'll be using it to aid in my decision making as well.
Trade active:
Moved Stop up to $149.10 just below swing-low, locking in .25R.