We've been waiting for price to break out of the triangle for a long time - It may do so this week but it may also push back down to the structure bottom. Don't worry about that because we are only looking for the long set up. If we don't get it then we are not in the trade. Remember we don't chase the trade - we decide which trade we are interested in and wait for it to set up. If it doesn't then we have nothing to worry about.
Forecasts will be updated as they develop so remember to follow to receive them. You can also follow updates via twitter
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
Komen
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OK we've had a deep pullback from here price will either turn and give us a long entry or it will push on down to the bottom. - I'm only looking for the long entry.
Komen
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Price has reached the bottom of the structure - let's see if it bounces and gives us a long entry set up.
Komen
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Start looking for a long set up. A flag or deeper correction with breakout as drawn below
Komen
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Exactly as predicted - flag or correction next before continuing long
Komen
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This is going nicely - we'll will probably get a pullback soon although it might not be as deep as I've shown. I'll be staying in for the long run unless there is some dramatic change to the structure
Komen
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Looking good - it should go long again soon
Komen
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Komen
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Looking for a new long set up
Komen
maksheetal
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Thanks for the update Steve. I didn't expect that deep pullback, how do you predict it was coming? So I've been stopped out, but will try and get in again once the pullback is over.
terence101
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@maksheetal, The deep pullback isn't something to predict. As the wave pattern shown (I guess, steve correct me if I'm wrong) it shows a drawn for a 3 wave structuur, while the 2nd one is a correction. As the chart shows, there wasn't a correction but a deep pullback. My question to you is when did u buy in? Cus the only moment u should buy in in my opinion is at the flag of around 5 april 00.00 (+1 europe time). And just move your tp, to take profit incase of pullbacks like these.
SteveNixon
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@terence101, With knowledge like that you should go a draw some charts. Then we can all how much you really know
terence101
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@SteveNixon, I don't know much, that's why I said 'correct me if I'm wrong' :D. I'm in a learning process:) That's why I follow your charts.
SteveNixon
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@terence101, Sorry Terrence I thought you were a troll. We get them on here
maksheetal
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@terence101, Hi Terence and thanks for your advice. I need to improve getting in and out of trades enabling tight Sl's and find a way of getting better profit targets. Knowing when a pullback may be imminent would also help. I guess I just need to journal everything and slowly improve in the individual areas.
SteveNixon
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@maksheetal, Guys you just develop a feel for these things. I don't get caught up in counting waves all the time. Price moved up very steeply and I expected a pullback or correction (call it what you will) that's what we got - it then crawled up the trend line before falling back to the bottom of the channel. Now we look at where it is and what it is likely to do next according to the structure. Price is still in the diagonal so for me it is still long - it will remain that way until it breaks the structure then we'll look at it again. I am now looking for a long entry set up. You didn't do anything wrong here maksheetal you got in near the bottom and tightened your stops so you either had a break even trade or a small profit. The first priority should be "not to lose money" second priority is to make money. This trade could easily have gone straight up and you would have made some nice percentage gains. By not losing money you still have your stake for the next trade. Hope this helps
maksheetal
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@SteveNixon, Thanks Steve, it does help. I am losing less money! Breaking even overall. I did think it would come down again (the last leg down) as it was crawling up soo slowly there seemed to be a lack of momentum or volume. Do you watch the charts regularly?
I think you're right, it'll still go up again and maybe not all the way, but is at a point to watch.
nUmbaz0ne
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Good work Steve, I enjoy reading your comments and like how your thoughts are constantly updated - its appreciated :)
SteveNixon
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@nUmbaz0ne, You're welcome - thank you for your support