Friday, April 16, 2010
Finding the exit - Take 1
Bearish confirmation from the 30/60 ended up being true and we have a decent sized correction failing at the "bear test 3". Now that I have sell confermation from the daily chart. I am exacting an exit by moving my charts of 3's from (30/60/daily) to (15/30/60). I mainly tested this system off the (1,5,10 minute) charts so the idea of exacting a losing trade by moving down in time-frame never entered my mind. I'm looking for trend break with bullish divergence to exit my losing position here. The real test is the down trend break vs. the longer-term support trend line. Were currently in the bear/bull argument of a completed "C" wave or were in 4'th wave of "C" or simply wave 3(the most bearish count with real trend change). I'm in the mind set of 4'th wave. Here is an updated 30 minute chart.