Just a quick one, according to hourly WW pattern, now there is a short possibility on ESZ6 (1407.50) with profit target @ 1401. (this signal on hourly is not an intraday pattern though, so I can't comment on probability). B1 I can move this to ESJ if you wish.
I trail the stop until the market tells me to get out. The sky could be the limit. I don't want to cut myself short when I am on a winner. I suspect there are folks who took 20 pips already and got out. I am not like that. Also, as I mentioned before, this is the second leg of the bottoming on the daily chart, so the move has more potential than the first leg. We'll see.
We're getting a little overdone on the 240. However, I would be more apt to buy a pullback unless there is obvious reversal. Until obvious reversal, I treat everything as a pullback. If the week were to end this way, it may be enough to start a trend change on the weekly as well. The Yen is a currency that has the most potential for explosive moves of 200 pips or more in a day. Do I think it will finish today at .8700? I have no way of knowing, but I would like it to certainly!
I can see the pattern as you drew it. However, I steer clear of these wave patterns because I think it's too easy to place the lines where the trader thinks they "should be" --It's open to interpretation etc. I much prefer my mathematical indicators and reaction highs/lows
Breakeven is never a consideration in placing a stop unless breakeven is at a point on the chart that coincides with a good stop placement outside the noise. Too much emphasis is placed on the breakeven strategy. The emphasis should be on limiting losses, not breaking even.
I understand it and I understand what you will probably say now regarding too much info, but all I was trying to point out is that based on grail/divergence entries exit is also pretty much an approximate value, based on either a personal target or current market conditions be it indicator/price. I have noticed that when there are grails at that time this WW pattern also becomes visible and if one was to try and determine where to exit, then this is a possible solution
Yes, I was stopped at .8747 for a very small loss on the swing Canadian short. I am still short Canadian on the daily chart for now and those positions are still profitable--for now.
It's amazing how you make trades around your long term trades. When I grow up I want to be like you.. btw, I know you don't really pay attention to funnymentals but CAD's explosive move to the upside the last few years has been attributed to the soaring price of oil, because of the vast quantities of oil discovered in Alberta, Canada, which by some estimates could rival Saudi Arabia's. It is expected for CAD to follow QM or at least it had until a couple of months ago. I see QM starting a new leg up now, so I wouldn't be surprised if we get a sustained small rally in the CAD for the next couple of months. jmo.