Advanced Wolfe Wave Analysis - Part 8 e - Daily Finish
As its Friday, Asian trading is closed and Europe will close in another 2-3 hours, this will be my last post for today.
As suggested, the support (1456.4) - solid dark blue line - was clearly broken and immediately began to move towards and low reached Wednesday.
I should have bought back a contract at that point, since, as I mentioned earlier today, Wave 3 always does an a-b-c retrace before forming Wave 4.
So looking at where point b will be gives us the obvious support line which is at the 0.786 retracement or just below it at 0.618. before heading down to projected Wave 4 which is projected as a AB=CD move off of the high made 6 hours ago. If that occurs I'm going to exit all my positions at Wave 4 and wait for the WW point 5 to complete and then go short for the target off the monthly bars which is around 1413.
It is possible that 3 a is really a Wave 4, which would invalidate the entire WW structure. Later tonight or Monday will give us the proof. Remember: Wave 4 usually has a very RAPID move straight up to complete Wave WW at point 5. If you study how I'm projecting point 4 WW, you'll figure out is very profitable for a counter trend trade.
Here Gold is also near the bottom trend of the bullish flag on the weekly chart and I will likely go long after a 1-2-3 pattern is formed of I see a bullish Wolfewave.
Having woken up 11 hours ago, Africa time, to see my 3 short contracts down ~$450, I can close these postings reporting that at this moment they are +$750 - 900.
Lessons for today:
(1) Don't panic - I exited my short that I took this morning 4 hours later after my detailed short - term analysis with a $60 profit. I did so because the dark blue line had closed above it on an hourly. Had I simply exited as at yesterday's low - as planned - the profit would have been closer to $250. I NEED TO STICK TO THE PLAN
(2) There is more than enough juice in trading one commodity or stock or currency using WW with CONFLUENCE as I showed on earlier chart, where SNR, a Wave 5 and an Andrews Pitchfork all met at one point, then trading the WW as a stand alone.. CONFLUENCE markedly decreases risk!
Thanks for listening. I'm an old missionary in Africa, so I can accept any helpful feedback with humility. Posting helps me constantly rethink my strategy. If I cannot think it through enough to explain it, then the posts are of no value to you. If you've ever read a Joe Ross book, you'll see how he writes it out in real-time, missteps and all.
As suggested, the support (1456.4) - solid dark blue line - was clearly broken and immediately began to move towards and low reached Wednesday.
I should have bought back a contract at that point, since, as I mentioned earlier today, Wave 3 always does an a-b-c retrace before forming Wave 4.
So looking at where point b will be gives us the obvious support line which is at the 0.786 retracement or just below it at 0.618. before heading down to projected Wave 4 which is projected as a AB=CD move off of the high made 6 hours ago. If that occurs I'm going to exit all my positions at Wave 4 and wait for the WW point 5 to complete and then go short for the target off the monthly bars which is around 1413.
It is possible that 3 a is really a Wave 4, which would invalidate the entire WW structure. Later tonight or Monday will give us the proof. Remember: Wave 4 usually has a very RAPID move straight up to complete Wave WW at point 5. If you study how I'm projecting point 4 WW, you'll figure out is very profitable for a counter trend trade.
Here Gold is also near the bottom trend of the bullish flag on the weekly chart and I will likely go long after a 1-2-3 pattern is formed of I see a bullish Wolfewave.
Having woken up 11 hours ago, Africa time, to see my 3 short contracts down ~$450, I can close these postings reporting that at this moment they are +$750 - 900.
Lessons for today:
(1) Don't panic - I exited my short that I took this morning 4 hours later after my detailed short - term analysis with a $60 profit. I did so because the dark blue line had closed above it on an hourly. Had I simply exited as at yesterday's low - as planned - the profit would have been closer to $250. I NEED TO STICK TO THE PLAN
(2) There is more than enough juice in trading one commodity or stock or currency using WW with CONFLUENCE as I showed on earlier chart, where SNR, a Wave 5 and an Andrews Pitchfork all met at one point, then trading the WW as a stand alone.. CONFLUENCE markedly decreases risk!
Thanks for listening. I'm an old missionary in Africa, so I can accept any helpful feedback with humility. Posting helps me constantly rethink my strategy. If I cannot think it through enough to explain it, then the posts are of no value to you. If you've ever read a Joe Ross book, you'll see how he writes it out in real-time, missteps and all.