Considering the possibility that The Market must first retrace up to the underside of that trendline, here is a delicious long setup for tomorrow: CLWR giving the hints.....
Catching Tails
- Thread starter Wide Tailz
- Start date
What's up Speculatorz, no hot action this week, just two uuber small trades to get warmed up with real money again.
CLWR took off as expected but I also found the same setup on a silver mining stock - didn't realize this until after I was in. Miners seem to track their commodity more than the general market (whereas a typical stock likes to move in sync with the index). Silver / gold are tanking so it got sucked in for a small loss.
Total profit this week was a whopping $6 :eek:
FAZ may be coiled for next week. ES chart looks like a bear flag.
Insights: Top Gainers ABC12/3rd wave breakouts have been leading the turns in the ES....... all the good ones lift off as ES is beginning to put in a base.
Letting winners run - really it's a matter of how much of a retrace I can stand before I lock it in. Smooth runners are easy to hang onto; roughness is very hard to read so I play it safe. Usually this is the wrong move.
CLWR took off as expected but I also found the same setup on a silver mining stock - didn't realize this until after I was in. Miners seem to track their commodity more than the general market (whereas a typical stock likes to move in sync with the index). Silver / gold are tanking so it got sucked in for a small loss.
Total profit this week was a whopping $6 :eek:
FAZ may be coiled for next week. ES chart looks like a bear flag.
Insights: Top Gainers ABC12/3rd wave breakouts have been leading the turns in the ES....... all the good ones lift off as ES is beginning to put in a base.
Letting winners run - really it's a matter of how much of a retrace I can stand before I lock it in. Smooth runners are easy to hang onto; roughness is very hard to read so I play it safe. Usually this is the wrong move.
Good evening, my fellow Ponderous Price Chaserz......
First divergence showing up on the ES hourly. This has typically been the starting gate for top gainer ABC12/3rd wave breakouts and here are a couple specimens making the shape:
PS - caught a tiny piece of FAZ yesterday for an illustrious $29 net profit :eek:
First divergence showing up on the ES hourly. This has typically been the starting gate for top gainer ABC12/3rd wave breakouts and here are a couple specimens making the shape:
PS - caught a tiny piece of FAZ yesterday for an illustrious $29 net profit :eek:
Week summary:
One trade, one win on FAZ (entered based on SPY / ES breaking thru the bottom of the flag).
I could just feel the momentum coming out as I locked in the whopping $29 profit, but didn't get up early enough the next morning to pick off the retracement.
I've been wondering how to time the re-entries after a third wave trade retraces. A rat reversal on the 15 minute chart seems like it would have worked in this case.
It's one more potential tactic for the price pattern tool belt as my TA career progresses.
Challenges: trading small, and waiting for the breakout. I was super-tempted to acquire 1000 CLWR's @ 2.2 this afternoon, but held off because of all the sim trading experience: ABC12/3rd wave breakout is the method.....
:eek:
One trade, one win on FAZ (entered based on SPY / ES breaking thru the bottom of the flag).
I could just feel the momentum coming out as I locked in the whopping $29 profit, but didn't get up early enough the next morning to pick off the retracement.
I've been wondering how to time the re-entries after a third wave trade retraces. A rat reversal on the 15 minute chart seems like it would have worked in this case.
It's one more potential tactic for the price pattern tool belt as my TA career progresses.
Challenges: trading small, and waiting for the breakout. I was super-tempted to acquire 1000 CLWR's @ 2.2 this afternoon, but held off because of all the sim trading experience: ABC12/3rd wave breakout is the method.....
:eek:
I'm seeing a very familiar shape on the SP etf.....
Good evening, Elitists.
No trades this week. I've been waiting for The Market to finish liquidating before I look for some third wave longs.
Insights for the week:
1. Compared to when I first started trading, one part of my psychology has flipped 180: The need to always be in has changed into an obsessive aversion to risk, manifested as a reluctance to take any trade unless it's really good....
2. Delicious trades are third waves, and there are only two types:
a. Third wave reversal: typically a double bottom or slight higher low. Entry point on the next lower order bull flag
b. Third wave continuation: this is for timing the inner waves inside the fourth wave - you catch the fifth wave by timing the third wave of next lower order as it breaks out of the fourth....
No trades this week. I've been waiting for The Market to finish liquidating before I look for some third wave longs.
Insights for the week:
1. Compared to when I first started trading, one part of my psychology has flipped 180: The need to always be in has changed into an obsessive aversion to risk, manifested as a reluctance to take any trade unless it's really good....
2. Delicious trades are third waves, and there are only two types:
a. Third wave reversal: typically a double bottom or slight higher low. Entry point on the next lower order bull flag
b. Third wave continuation: this is for timing the inner waves inside the fourth wave - you catch the fifth wave by timing the third wave of next lower order as it breaks out of the fourth....
Hello, my Elite friendz.
A small quickie update on this juicy situation with IMH - a morgtage holdings co that exploded from a thin base, several months ago, and is resonating upward in crisp Elliot fashion.
I caught a piece of the first wave (using the third wave of next lower order, of course) yesterday, as it made the first pop after the sell off, and the longer term setup looks hot.
A simple clue is that wave 3 can never be the shortest, and wave 4 rarely goes very far below wave 1. It's got wave 5 written all over it, and the hourly setup is ripe for an ABC12/3rd trigger.....
A small quickie update on this juicy situation with IMH - a morgtage holdings co that exploded from a thin base, several months ago, and is resonating upward in crisp Elliot fashion.
I caught a piece of the first wave (using the third wave of next lower order, of course) yesterday, as it made the first pop after the sell off, and the longer term setup looks hot.
A simple clue is that wave 3 can never be the shortest, and wave 4 rarely goes very far below wave 1. It's got wave 5 written all over it, and the hourly setup is ripe for an ABC12/3rd trigger.....
Good evening, my fellow Grid Stalkerz......
It's time for the Wide Tails weekly update.
Six trades, four wins, one loss, one b/e (would have been a juicy win if I held it longer).
The big outlier was IMH - the first wave and the beginning of the third.
Two of the small wins, like the b/e would have been a great harvest if I had just left them in the ground. Letting winners run takes faith and CONFIDENCE. Slowly I'm getting it.
Total profit for the week $102 booked + $112 open.
I'm trying to ease into size gradually.
Psychological insights: when I truly FEAR The Market (similarly to how I began to truly FEAR the LORD), I get in the zone that Napolean Hill / Carnegie called BURNING DESIRE. In this state of mind I go to great lengths to scrutinize my analysis up and down, looking for faults. If none appear, I put on the trade and am able to hold it while it runs.
In the zone. This is where detailed analysis, courage, faith, and confidence are. This is the edge, in my opinion, once you have your tested system.
It's time for the Wide Tails weekly update.
Six trades, four wins, one loss, one b/e (would have been a juicy win if I held it longer).
The big outlier was IMH - the first wave and the beginning of the third.
Two of the small wins, like the b/e would have been a great harvest if I had just left them in the ground. Letting winners run takes faith and CONFIDENCE. Slowly I'm getting it.
Total profit for the week $102 booked + $112 open.
I'm trying to ease into size gradually.
Psychological insights: when I truly FEAR The Market (similarly to how I began to truly FEAR the LORD), I get in the zone that Napolean Hill / Carnegie called BURNING DESIRE. In this state of mind I go to great lengths to scrutinize my analysis up and down, looking for faults. If none appear, I put on the trade and am able to hold it while it runs.
In the zone. This is where detailed analysis, courage, faith, and confidence are. This is the edge, in my opinion, once you have your tested system.
Tailz,
I will subscribe to this thread, thanks so much for your sharing.
I read the posts up to p. 6 and then jumped to the end here; I might read the rest later, but I do know that I must learn more about EW. Anyone who says it is passe is himself irrelevant! (IMhO).
(By the way, some of the "MACD divergences" you cited were convergences. Remember, bullish divergence only happens when the stock price makes a LOWER crossover, while the oscillator makes a HIGHER crossover. But that doesn't seem to matter much since you are successful regardless.)
If you have anything to say about the SLV chart per EW, please inform.
Thanks again, Bry
I will subscribe to this thread, thanks so much for your sharing.
I read the posts up to p. 6 and then jumped to the end here; I might read the rest later, but I do know that I must learn more about EW. Anyone who says it is passe is himself irrelevant! (IMhO).
(By the way, some of the "MACD divergences" you cited were convergences. Remember, bullish divergence only happens when the stock price makes a LOWER crossover, while the oscillator makes a HIGHER crossover. But that doesn't seem to matter much since you are successful regardless.)
If you have anything to say about the SLV chart per EW, please inform.
Thanks again, Bry
:eek: Thanks, I better get that right, in case I ever become a Trading Educator or newsletter writer.
This is just a guess, but I believe that parabola was a classic extended fifth wave ("blowoff") top. It is the only case I know when you get a bottom / top w/o the divergences.