Earlier today in chat I took at discretionary trade at hourly resistance levels, based on the old "It is what it is until it ain't" mentality. Fuzzy wave action was showing a 3rd up, and when the 5th truncated my green hope spiked :D My error was to allow that green hope turn into red hope. For this I need to give myself an uppercut. That C got bought and my risk for the play was taken in a classic stop-running exercise. In hindsight I should have placed my stop just over the 3 in the chart. The temptation was there for me to keep it over daily resistance from Friday, which is what I did, relying on my swing system bias (short on a daily basis) I took the risk and ran with it. Straight into a snorting bull and clever patient stalkers who may have entered the Friday resistance area.
But despite the silly error and the desire to hide it from the world I'll stand up and share the exercise anyway, for the benefit of yall. The lesson? Daily resistance is better than hourly resistance? Well, yes, but the biggest lesson of all is listen to what the market is saying. The C said "buy me", and my error was to ignore that and let green hope turn to red hope while I put earplugs in and happily counted the wave count moving against me. Bottom line? I should have honored the C, and honored a tighter stop. Chart
Looking very promising. 1 min target. Chart
EDIT: What God give, God take away
System generated and supported by 1 min SHS pattern pre-breakdown. And as I create this post I see that the entry is a solid one, rewarded immediately. Chart