Targets Hit!! Well.... we have reached the target on ES with a 21.5 points of profit (closed at 1274) The wave C of 5 could be completed now So I am starting to build a strong short position just @ 1274 (reverse) with 50% of my portfolio. I will add another 50% below 1266 or above 1280 (this was the range forecasted) Q.
Another soon-to-be washed-up elliot waver decides to show his market prowess and surf the market tsunami. btw, no matter which super-duper theory you're using it's never a good idea to step in front of a freight train.
My trades are at low risk 1/2 usually If I am right the end of C of 5 could be imminent Above 1300 (close weekly), the entire long term count needs to be corrected and the implications should be very bullish The market is strong ...no discussion, but there are some negative divergences in all the indexes at this point ....Will see Q.
If the market trades down to 1266 then where will you get out if the trade is againist you? If it doesn't go down and trades up to 1280 then where is your stop? Just wondering. Do most people that trade elliot wave theory add to losers?
If we turn down below 1266 my short position will be complete for a swing trade In this case I consider this impulse ended, so my stop is one tick above today's high If we make a new high I will add at 1280 with a stop at 1289 1277 should be the medium entry price (12 points stop) I will update my stop for all the indexes @ my blog
Do you run retracements on your elliot waves? When you run a retracement from the 2 to 3 wave, where does the 4 down come in at?
Yes, On my blog (resources), you will find rules and you may download the book "How to identify High-Profit Elliott Wave Trades in Real Time" written by Miles Wilson Walker http://elliottwaver.blogspot.com