Today I was stopped out of my longtrade with a small profit of 30P (points). When it happened I immediately took notice of the danger regarding the DAX dropping hard. Then I started two short positions @ 13040.
Right now as I am writing this I am already 60+P in profit with those positions, but I will not close them.
I saw this ABC pattern and was immediately hooked. This is a high probability trade...
My stoplevel is 1 point above the end of wave B.
Notice how the market stayed exactly within the 4 hours cloud. When the breakout happened, it accelerated very fast into wave 1 of C.
There might be a correction tomorrow (wave 2 of C), but i don't care. In fact I will open more short positions if it happens. Shorting a C wave is my specialty, which often produces my best performing trades.
This is a great example for my archives, a mixture of elliott waves, patterns and fibonacci retracement trades...
If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions.
If you make any trades or investments after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
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Have a nice day :-)