A couple weeks ago I posted that W:a of the corrective Elliot W:4 was likely nearing an end at the 1.0775 zone and in that post I mentioned to trade plan and target the W:b zone or 1.0500. In planning with my typical posts that would mean selling hourly OB Stoch cycles as the daily stoch looks to cycle down to catch the trend, as in this example, and is confirmed in blue circles in the 21-55 hourly MACD. While some attempts yielded minimal results as risk came off the table there were profitable trade plan results with even one small counter trend scalp. Price is now approaching the W:b zone which is also the weekly pivot profit zone so plan & trade accordingly. After getting knocked out at BE on my first attempt on the rally up to 1.0825 I actually did not trade E/U again until last week and missed some pips, oh well. I will say overall trying to sell E/U for this year has been a challenge if you followed my last plans to sell E/U that I posted but keep in mind trading is not Ideal and diligence pays sometimes.
I hope someone else profited from this plan. Let’s see where price goes form here especially if it hits in the profit zone this week and the daily Stoch cycle nears an end possibly.
I’ve included results for the U/C trade plan from last week (no charts). I hope someone else profited from this plan as well.