Hey traders! I'm trying to make some sense of this whipsaw action after the flash crash. We can see a correction is in process after the bearish impulse on 10/6. This trade capitalizes on a possible double combination wave: triangle -> flat -> zig-zag, where we are trading the final stretch of Wave-c. I want to move my stop to B/E quickly to protect the position from a potential triangle, which is a possibility in this scenario. However, I'm counting wave-a as a five wave sequence which if true will follow through as a zig-zag, hence this trade idea. More updates to follow. Happy trading
Order cancelled
All, Did not get the bullish impulse on the lower TF. However, I am now setting a LIMIT order with the SL below invalidation. The risk/reward is still substantial. See below. Cheers!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.