OK so yesterday I didn't pick the exact bottom of Support Level 3 but that's OK because I am still working with Support Level 2.
You should never assume Support Level 3 is done until you have confirmation.
For example the Waves marked with magenta lines are the same waves in the pattern, of course support level 3 needs to be confirmed by a break of this wave and it needs to look right.
It's easy to get the waves wrong because of the repetitive nature of the fractal waves especially on smaller degree waves.
Once the magenta line is broken then Support Level 3 is confirmed and the stop can be moved up when you are satisfied and then you wait for support level 4 to be formed etc etc etc.
But you don't have to move the entire trade stop to this level maybe you execute another trade and leave the current one in place and slowly build more positions. There are many ways to skin a cat!
This is not an exact science it's an art using a proven framework.
So you can be wrong once or twice in the smaller degree waves as long as your right on the larger degree waves and this takes practice but it's fun!
Remember you love trading right?
Please LIKE and FOLLOW to get notification of updates and future posts.
You should never assume Support Level 3 is done until you have confirmation.
For example the Waves marked with magenta lines are the same waves in the pattern, of course support level 3 needs to be confirmed by a break of this wave and it needs to look right.
It's easy to get the waves wrong because of the repetitive nature of the fractal waves especially on smaller degree waves.
Once the magenta line is broken then Support Level 3 is confirmed and the stop can be moved up when you are satisfied and then you wait for support level 4 to be formed etc etc etc.
But you don't have to move the entire trade stop to this level maybe you execute another trade and leave the current one in place and slowly build more positions. There are many ways to skin a cat!
This is not an exact science it's an art using a proven framework.
So you can be wrong once or twice in the smaller degree waves as long as your right on the larger degree waves and this takes practice but it's fun!
Remember you love trading right?
Please LIKE and FOLLOW to get notification of updates and future posts.
