Hi, I made an update 3 hours ago regarding reducing short position and staying neutral because of wave 4. However, it seems like wave 5 of 3 extended and is now showing me an ending diagonal. This changes the assessment from neutral to long as ending diagonal are usually swift and sharp move reversals.
Take note that the last wave of the ending diagonal might itself be an ending diagonal. So my suggestion is to scale in the long and give a slightly wider stop below the lower trendline.
Good luck!
Take note that the last wave of the ending diagonal might itself be an ending diagonal. So my suggestion is to scale in the long and give a slightly wider stop below the lower trendline.
Good luck!
Trade active
broke up of ending diagonal.Trade closed manually
Move back into the ending diagonal. Not a good sign. Idea invalidated. Also, weekend risk.
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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.