Catching the Wave
Posted on January 7th, 2010
Written by Richard
Posted in: N/A (old archives)
The Elliott Wave, that is (yuk, yuk). Anyway, I took my fourth Elliott Wave trade today. Again I traded 6B, which seemed clearest of all my charts when I sat down at my desk today. I think I made the perfect entry, to be honest. Unlike my previous trades for wave 5, this time I went for wave 3, and I think that’s pretty much what every elliottician wants to do. Sadly, I totally flubbed the exit taking profits well before I originally intended. As a reformed scalper, sitting on 25 ticks of profit was just too much for me to bear!
The count was from the 30-minute chart, so I intended to try to sit around for a much larger move. I’ll have to improve in that area. A big part of it is that I’m still very unsure of my wave counting abilities. If my count is correct, there is much more upside ahead on 6B. If it’s incorrect, then I got out at about the right time after all. I’ll be watching, and hopefully learning.
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© 2010 Richard Todd. I am not a financial advisor, and nothing on the site should be considered investment advice or actionable recommendations. I'm just an individual, saying what I think, and sharing my experiences.