I think most wave traders would agree that plotting out the major direction and its general wave structure isn't that hard to do, but its when you get into the smaller fractals/waves where it can be challenging to make the right decision on a day to day (intraday) basis.... this was hard for me to accept (nearly 10 years) that you're not going to call the market PERFECTLY and you should have clear ideas where the market could run to on both sides, buy and sell.
I highlighted the potential paths we could make our way higher here and in an overall buy position there are still a few options, never mind the potential sell side waves! All you can do as a trader is have a plan and trade that plan, but most importantly simply manage risk with tight losses, that would violate your trade plan and bigger targets...
Its a numbers game... Dont bring emotion into it or ego, deciding it HAS to be up or down direction, especially on lower fractals/timeframes.
I highlighted the potential paths we could make our way higher here and in an overall buy position there are still a few options, never mind the potential sell side waves! All you can do as a trader is have a plan and trade that plan, but most importantly simply manage risk with tight losses, that would violate your trade plan and bigger targets...
Its a numbers game... Dont bring emotion into it or ego, deciding it HAS to be up or down direction, especially on lower fractals/timeframes.
Comment:
a bit more detail to expect and giving excellent R/R on a buy position here.
Trade closed: stop reached:
none of the waves in the original idea played out, which gives me more confidence on the sell-side trade ideas, which waves are filling out nicely so far!