Is it really a dilemma? I'm sure you remember the post:"Doing wash trades prior to having losing trades for any reason in the hope category is a good beginning. Making a wash trade a reversal trade is not a bad idea either since this reversal can be washed too if necessary."...
It's not a dilemma for me gucci. I would reverse. Others however might be less certain and my question is should they really be looking for an opportunity to wash in such a situation? The more likely end result would be not a wash but rather a freakout bailout which is exactly what one should not be doing or as Jack might say, what one should not be learning how to do. I remember a post from Makosgu saying that his personal 'record' for consecutive reversals was seven in a row. So why did he reverse so many times? He reversed because he wanted to get on the right side of the market. CW people do not reverse - they bail. lj
Attached is my monitoring effort for Monday. I have extended Friday's last downward traverse to Monday's chart. I have also kept the last 5 bars from Friday's chart on this chart to better show my view of Monday.
ES 5 min showing a completed standard downtraverse (fuchsia), a completed standard uptraverse (blue) with fanned RTL, a downchannel P3 at 15:00 and a down fftraverse to end the day. So the PFC says we should look to complete the downtraverse and the downchannel, whenever, and then start a new uptraverse and upchannel. lj