As we have already seen, the 15min TF had made a Wave 2orB low, so the trend was up, and “ideally” up into the higher 15min DP. So when this TS1 buy came up on the 3min chart it was a good one to consider.......
AS all of you who follow this blog regularly, when we get a trade that looks like he has come off an “important high or low”, then it is “more likely” to be a Wave (2), so then we should anticipate a stronger Wave (3) type swing to follow. This was a food exempt, as the 3min Typical Wave 3 WPT was “in the same area” as the larger degree 15min DP target from the last post.
As you can see, the TF did indeed rally up to reach the Typical Wave 3 WPT, where a nice +7.5R Profit was available (ignoring slippage and commission)
Thanks, Steve
PS, Yes, this trade used WPT targets and not the standard STF, so should be considered an Advanced Trade. But I hope this is the type of trade that you all can learn to spot yourselves...
AS all of you who follow this blog regularly, when we get a trade that looks like he has come off an “important high or low”, then it is “more likely” to be a Wave (2), so then we should anticipate a stronger Wave (3) type swing to follow. This was a food exempt, as the 3min Typical Wave 3 WPT was “in the same area” as the larger degree 15min DP target from the last post.
As you can see, the TF did indeed rally up to reach the Typical Wave 3 WPT, where a nice +7.5R Profit was available (ignoring slippage and commission)
Thanks, Steve
PS, Yes, this trade used WPT targets and not the standard STF, so should be considered an Advanced Trade. But I hope this is the type of trade that you all can learn to spot yourselves...
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