OK, as we have seen in the last post, the YM made a high at 13:00EST at DP resistance, but it is what happened next that amazed me. If you look at the chart, you can see how the YM made a decline from this high, but just look at the minor pattern – a minor 5 waves. This was then followed by a minor abc. This is perfect Elliott and as such this minor Wave C high was a great place for a new short trade.
This minor wave C high was also a Intermediate degree Wave (2) high, and as you should all know catching the Wave (2) is my “favourite trade”. The YM then made a normal 5 wave decline, and there was a lovely +4.4R Profit available at the Typical Wave 5 WPT (ignoring slippage and commission).
This just goes to show what amazing trades are available for those of you who take the time to learn how to become an Advanced Trader.
Thanks, Steve
This minor wave C high was also a Intermediate degree Wave (2) high, and as you should all know catching the Wave (2) is my “favourite trade”. The YM then made a normal 5 wave decline, and there was a lovely +4.4R Profit available at the Typical Wave 5 WPT (ignoring slippage and commission).
This just goes to show what amazing trades are available for those of you who take the time to learn how to become an Advanced Trader.
Thanks, Steve
