OK, Did any of you notice how I labelled a “minor ABC” high just after the TS3 buy in the morning ? And do you remember how I said that we should be looking for sell setups, as the larger degree trend was down ? Well, this is where the Advanced Trader among you could have used this minor Wave C high for a new short trade.
The pattern can be seen slightly easier by dropping down to the 2min chart. I do not suggest doing this all the time, but only when you have a clear idea of the larger degree picture and you are happy working with Elliott Wave Patterns.
The result was a nice +4.8R Profit (ignoring slippage and commission) as the NQ mad a minor 5-waev decline into a high volume (VSA) spike. This actually nailed the low of the day for you !
As you can see, once you become more experienced, you will be able to uncover so many more potential trade setups
Thanks, Steve
The pattern can be seen slightly easier by dropping down to the 2min chart. I do not suggest doing this all the time, but only when you have a clear idea of the larger degree picture and you are happy working with Elliott Wave Patterns.
The result was a nice +4.8R Profit (ignoring slippage and commission) as the NQ mad a minor 5-waev decline into a high volume (VSA) spike. This actually nailed the low of the day for you !
As you can see, once you become more experienced, you will be able to uncover so many more potential trade setups
Thanks, Steve
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