Our Stop loss will be set at 1.5% above 6272 to cater for volatility and slight errors in accuracy. Stop Loss will be set at 6370.
Comment
We got a nice little red pin bar on the daily for yesterday, which reversed close to our maximum range allowed.
We should see a steep sell off in the next few days/weeks as price action accelerate downwards. Base on an ending diagonal, prices should swiftly retrace one degree more than the start of the pattern.
Enter my remaining 1/2 short at yesterday's close of 6248.
Comment
Currently still holding short with SL set at 6370
I'm using futures to minimize carry cost
Comment
Since wave 3 can't be the shortest wave. I'm abit jittery about what is being played out. (Currently it looks like wave 3 is the shortest). Some other patterns could be at play. Nevertheless, since we have set our SL at 6370, we will see how it plays out.
Comment
Day 7. its basically a waiting phase now.
I've went back to look at the chart and ruled that it cannot be an impulse, as wave 4 would have crossed into the territory of wave 1 (This is typical of identifying a diagonal as well).
I'm still quite peeved by the fact that wave 3 looks like the shortest wave. One explanation I could possibly get is to calculate is base on % terms instead of the absolute increase in points. This would stretch the current wave 5 to the maximum of the top put in on 7Nov, roughly an 8% increase in my calculations
Comment
Day 8, Is the sell off finally upon us.. ? It came within 19 points to my SL.. -_-
If the selling continues, we might get a bearish extinguishing on the daily. But let's not get too excited yet. Need for a close below 6300 level for today's candle.
Go bears!!
Comment
Yawn.. Patience is a virtue. Wait.
Comment
Closing my short position, as wave 3 cannot be the shortest wave.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.