TRADING FORK EXTREMES – 3 month Setups.

[Summerset]

Originally Posted by Summerset

164.75 filled,at 2.5% Exposure.
Move Stops to entry

Take partial profits to half position size at market (166.68-72)
SL still at entry on remainder

[Summerset]

Originally Posted by Summerset

6910 filled raising the overall longs average to 6800.
Place Stops at 6800
Keep 2/3 limit to long 6877
Same targets.

Raise Stops to 6870 to lock profits.
Delete limit to long 6877
Place limit to take partial profits on half position size at 7180

[Summerset]

Originally Posted by Summerset

Analysis:-

Typically, we are commencing on a 3 wave correction, pending a 5 wave progression on weekly. Because the correction, is going to be as complex as they come. We will not concentrate on the wave form or count, but on its ultimate Fib expansions.

In order to project the ultimate correction's Fibonacci projections, we need to detect & confirm the 1^st complete down leg (Wave-A) of the correction, to throw extensions from. We will therefore move to a smaller time frame to break up the weekly candles

Daily:- (See Daily Chart)

Wave-3 is a confirmed extension (1.618 x wave-1), that should be double retraced. Once by current Wave-4 (down), then a tranculated Wave-5 up. And another ABC correction down (the 2^nd retracement that will make a double ).

Typically too, wave-4 should retract to top of Wave-1. (3720 zone shown).

Note that Wave-2 was a flat. So we expect the start of Wave-4 to be a simple or double Zigzag first.

To project its bottom we need leg "A" of this zigzag to complete. (lower lows on daily must cease to be made) and leg "B" should commence to a Fib retraction of "A".

Currently this is not the case, as a new low of 4015 was made to day.

Once a low for "A" is established, we will take a fib projection of 1.618 from "A" top to its bottom, and therefore forecast "C" (our long entry zone). Currently with respect to the lows recorded, the 1.618 projection of "A" stands ideally at Wave-1 top (3720). This is yet not confirmed however, until "A" ceases to make lows

Once a low is made for "A" too, we will sell 0.618/0.38 of "A" for 3720 "C" projection

We will also sell the close of the day that closes below the low of the high candle that marks "B"'s top

We will add to our sells on a break of the established "A" bottom.

All to target the 1.618 Fib extension of "A" of course

We will be using the WSI to confirm our short entries, and calling the entries in real time on the thread.

We expect to reverse at 3720, provided the daily WSI confirms, or at a max of 3440 (Long term median on the weekly chart) also on a signal confirmation of the WSI too

Sell Market (4204) at 1% Exposure. Stop at 4290, Limit Open for now.
We believe a bottom has formed for leg"A", and leg "B" has concluded, and should be giving in to a zigzag or flat "C" coming. That's why the limit is open for now.

4hr momentum is turning on our side

[Summerset]

Originally Posted by Summerset

Sell Market (4204) at 1% Exposure. Stop at 4290, Limit Open for now.

Move Stop to Entry

Add 1% at market (4178) with Stop at 4240

Targets 3890 & 3730

[Summerset]

Originally Posted by Summerset

Take partial profits to half position size at market (166.68-72)
SL still at entry on remainder

Close Remainder at Market (165.35)

REVERSE
Sell 2% limit at 165.90. Stop at 166.60. Target 163.60

[Summerset]

Originally Posted by Summerset

Close Remainder at Market (165.35)

REVERSE
Sell 2% limit at 165.90. Stop at 166.60. Target 163.60

Filled.
Take Stop to Entry + allowance for -ve premuim.
Update allowence for -ve premuim on a daily basis.
Amend target to 163.75

[Summerset]

Originally Posted by Summerset

Filled.
Take Stop to Entry + allowance for -ve premuim.
Update allowence for -ve premuim on a daily basis.
Amend target to 163.75

Stop hit at Entry + premuim.

[Summerset]

Originally Posted by Summerset

Move Stop to Entry
Add 1% at market (4178) with Stop at 4240
Targets 3890 & 3730

Stop hit at b/e on 4204 short Entry
Stop Hit For Loss at 4240 on 4178 Entry.

Short the market (4230) at 2% Exposure SL at 4295
Partial profit at 4140. Final profit 4085

Profitable Trading