Post mortem on a trade that I only broke even on but had charted almost perfectly (see attached chart and trade log)
I was basically a day early on location of the B wave. The trade I took was up over $400/contract at one point but then chopped back to my entry and I lost interest in the trade. I just checked it again and it pretty much followed the path to my C as expected, in fact it dumped faster that I thought.
This type of time frame is more difficult for me, I usually trade to be flat by the end of the day or for much longer positions that last weeks or years. Picking an entry on a 1 or 2 day timeframe is kind of in between I need more experience to get the execution correct even though the elliot count is right. 6e is especially hard since it trades the best in the very early morning.
Going forward it still has room for bearishness on an intraday basis but this would no be good to swing trade.
It's near the end of the C wave and likely to chop back to the top of the pitchfork. However it is also possible that it will try to run to the median so if I trade this at all it will be with a bearish bias.
I was basically a day early on location of the B wave. The trade I took was up over $400/contract at one point but then chopped back to my entry and I lost interest in the trade. I just checked it again and it pretty much followed the path to my C as expected, in fact it dumped faster that I thought.
This type of time frame is more difficult for me, I usually trade to be flat by the end of the day or for much longer positions that last weeks or years. Picking an entry on a 1 or 2 day timeframe is kind of in between I need more experience to get the execution correct even though the elliot count is right. 6e is especially hard since it trades the best in the very early morning.
Going forward it still has room for bearishness on an intraday basis but this would no be good to swing trade.
It's near the end of the C wave and likely to chop back to the top of the pitchfork. However it is also possible that it will try to run to the median so if I trade this at all it will be with a bearish bias.
Comment:
Current trade on this - 10 RRR trade with $100 stop and $1k target. Entered last night at 10 pm and it is still working now and intend to hold it to close today.
Comment:
Final exit after tightening stop toward the end of the day was about a 3.5 rrr that lasted many hours
