Now for the Advanced traders among you
As you can see form the chart to the right, the ABC correction (TS3 buy setup) came after a nice 5-wave rally (found using the Elliott Wave module), so from this advanced traders should have been anticipating a continued rally higher. This is exactly what unfolded.
So what about targets ? Well, for this the advanced trader would have used the WPT module and then projected up using the whole of the prior 5 wave advance. The initial target would have been the minimum Wave C WPT.
This would have resulted in a nice +4R Profit approx (ignoring slippage and commission).
As you can see, the experienced and advanced trader could have doubled the profit from the standard trader, This is why I always say that it is worth the time and effort it takes to learn how to trade like an expert.
Steve
As you can see form the chart to the right, the ABC correction (TS3 buy setup) came after a nice 5-wave rally (found using the Elliott Wave module), so from this advanced traders should have been anticipating a continued rally higher. This is exactly what unfolded.
So what about targets ? Well, for this the advanced trader would have used the WPT module and then projected up using the whole of the prior 5 wave advance. The initial target would have been the minimum Wave C WPT.
This would have resulted in a nice +4R Profit approx (ignoring slippage and commission).
As you can see, the experienced and advanced trader could have doubled the profit from the standard trader, This is why I always say that it is worth the time and effort it takes to learn how to trade like an expert.
Steve
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