DislikedWent short at the arrow. Expectation was (still is) for a NSL. I entered where I did because the most recent NSL showed strong projection and completed ABCD from highest point shown. I expected a shallow correction to the upside, and entered the trade at 50% fib. When I entered, the bears were showing up (you can see the tail) but that bar had not closed yet, and the bulls came back. This is the second trade this week that I entered with poor timing, both trades playing out like this one. Am I missing something in the analysis that will give me...Ignored
To help you with timing, when you have a symmetrical 1:1 or ABCD understand that the profit target of the pattern is the 61.8 This almost alway is achieved. You entered at the 50% which was slightly early. This is fine but you must have strong technical reasons for entering early. Look at my trade today. I had a symmetrical pattern that I did not want to trade short because the market was very bullish. So, I was patient and waited for the profit target area to be visited by price. Then I focused on the order flow and the bar by bar. The sellers did not look too impressive showing only the will to consume and not accumulate. The buyers also fought them on the way there. Even when price got there I was patient as I needed to see a better sign from the bulls. I got that sign a few candles later. Review my trade closely.
If you fail to plan, you plan to fail.
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