ETH 15% Profit Target on Updated Wave Count!

Hey all, I was tracking a ZigZag looking for Wave C Down with a target below 1,000.00.

With the weekly close this week turning bullish, and the price action invalidating that wave count we are now ENTERING a long ETHUSD new trade with a profit target at 1,600 as we now have bullish weekly momentum, daily momentum and a new daily entry signal all in agreement with our new wave count!

To clarify, we did not lose any money on a short with the zigzag as our indicators were never in alignment.

Kommentera:

AAAAH I MADE A MISTAKE!!!!!!!!! The first step when looking at the indicator portion of my trading system involves looking at the pumba weekly stochastics. The bullish signal on the weekly timeframe was made on the current candle as you can see in the original post... but this was the start of the week and it is a repainting indicator! Meaning, we would NOT have entered this trade. Based on this mistake, I have to immediately close the trade at a loss as it does not fit with my trading plan. LESSON LEARNED: ALWAYS BE MIDNFUL OF REPAINTING INDICATORS. They are not necessarily a bad thing if you are mindful of how they work.