This is one where everything in you screams DON'T BUY. Here's why I did. I'm in @ $6.35 two days ago when My Connors 2 Period RSI strategy ( yellow squares ) met all conditions, AND it had just completed a nice XABCD pattern I normally wait for candle reversal on the daily, but the EW count on the hourly looked good - starting wave 3 up, so I entered.
As you can see, I should have waited. So I'm down about 6%. No worries. When I'm wrong, I'm wrong, I have my stops. Turns out we most likely just completed a corrective wave A-B-C of larger wave II down, and we are starting Wave III ! A hammer is forming now, and the A-B-C leg Has come down into the area of wave 4, an Elliot guideline. of the prior impulse leg. Also, a a strong area of support.
So, I didn't add any to my position, but I think we can see it move to at least $6,80. Sometimes the hardest thing to do is to believe what you see and act on it. That's why we have our rules, patterns, and indicators.
As you can see, I should have waited. So I'm down about 6%. No worries. When I'm wrong, I'm wrong, I have my stops. Turns out we most likely just completed a corrective wave A-B-C of larger wave II down, and we are starting Wave III ! A hammer is forming now, and the A-B-C leg Has come down into the area of wave 4, an Elliot guideline. of the prior impulse leg. Also, a a strong area of support.
So, I didn't add any to my position, but I think we can see it move to at least $6,80. Sometimes the hardest thing to do is to believe what you see and act on it. That's why we have our rules, patterns, and indicators.
