Hi Everybody,
I hope that you always check the “higher” time frame when you are look for (and then managing) your trades ? A great example was the recent TS1 long on the JPYUSD 60min chart.
As you can see, the long trade exceeded the two initial (Wave C) targets to reach the Typical Wave 3 WPT, where a profit of +11.9R (ignoring slippage and commission) was available.
So why look to this further out target ? Well there are two main reasons, first, the TS1 is usually the Wave (2) or larger degree, so this is “usually” followed by a strong Wave (3) type swing.... and secondly the larger degree trend, see next post.
Thanks, Steve
I hope that you always check the “higher” time frame when you are look for (and then managing) your trades ? A great example was the recent TS1 long on the JPYUSD 60min chart.
As you can see, the long trade exceeded the two initial (Wave C) targets to reach the Typical Wave 3 WPT, where a profit of +11.9R (ignoring slippage and commission) was available.
So why look to this further out target ? Well there are two main reasons, first, the TS1 is usually the Wave (2) or larger degree, so this is “usually” followed by a strong Wave (3) type swing.... and secondly the larger degree trend, see next post.
Thanks, Steve
