OK, now the high was nailed using the 15min 24hr chart the “ideal” situation would have been to get an automatic sell setup. However, that did not happen (unless you went down to the 2min chart), but for the Advanced Traders among you, what is the next best thing to look for after a important top has been made ?
Exactly a Wave (2orB) corrective high.
Sometimes (and this is why it is more Advanced) the minor abc is not visible on the 3min chart so you need to go to a lower time frame to “see” and confirm the abc pattern. I am not saying to trade off the 1 or 2min chart, all I am saying is the Advanced Trader can “look” to see if the minor abc is there and is unfolding as part of the 3min Wave (2orB) correction to then take the trade off the 3min Wave (2orB) correction.
Yes this is a more Advanced trade setup, but good to know about.
Thanks, Steve
Exactly a Wave (2orB) corrective high.
Sometimes (and this is why it is more Advanced) the minor abc is not visible on the 3min chart so you need to go to a lower time frame to “see” and confirm the abc pattern. I am not saying to trade off the 1 or 2min chart, all I am saying is the Advanced Trader can “look” to see if the minor abc is there and is unfolding as part of the 3min Wave (2orB) correction to then take the trade off the 3min Wave (2orB) correction.
Yes this is a more Advanced trade setup, but good to know about.
Thanks, Steve
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