DislikedIf using 30 pips as a stoploss, then this previous wolfe wave might as well ended up a breakeven also because price never reached there, not to mention the EPA. If i based my stoploss of this chart at the 2 fibo line there, it would be around 30 to 37pips depend on whether you entered on 1.27 or 1.41. That is why i am currently starting to feel a little headache about position management. Should i use larger stops? Or lesser stops and quickly get out of the position? Keep in mind that wolfe wave is basically an anti trend thing. We are selling at...Ignored
If you zoom out you can see that the most recent important S/R is right at the ABCD completion level. The only problem I see here is the round number so you know there should be supply heading towards 140. Turns out there was and price bounce 30 pips back down. Scaling in early with smaller positions lessens the total risk, plus if price reverses early you wont miss the bounce. Excellent symmetry length and time too.
Also, the TMS angulator shows all time frames are either down or moving sideways, so really shorting here is not going against the general trends.
Pride always comes before destruction.... -Proverbs 16:18
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