I was at the Acoma Pueblo today with my son and his wife, wishing them goodbye as they leave for Boston. I'm content leaving the market with wide stop because I don't want to over-trade this one.
I sold 1% NQ at 1786 pre-open on indications that the 3rd wave may have completed and I was going to be away from monitoring the markets. I would be relying on wide stops so I did a tiny bit of lightening up.
I still believe in this short and am holding positions. The above count is speculative because the cash market made a 3-wave up today. I am not altering my market bias and expect declines into 9/2. I'll keep it brief tonight and catch up on the pre-open tomorrow.
Thanks for the update! Nice job trading this decline so far. Congrats!
ReplyDeleteHey Steve, I hope your son and daughter-in-law like Boston. My wife and I have enjoyed it each time we've visited.
ReplyDeleteI believe in your I1 too, and am thinking overall that we are just in the beginning or middle of minuette 3 of minute 1 of Minor 3, and minute 1 may over all play out until around the I1 bottom on 9/3. Best guess is that the week or so of I1 up will be a minute 2 but shallow due to it being in the midst of Minor 3. Reality breaks on or around I1 declining again in a few weeks.
The overall timing of I1 provided great reassurance for the context of wave counting, and I'm slowly shifting my thinking towards using the overall context of I1 and other indicators to give an overall bias for a period, and then just doing the best we can with the wave counting within the context of the bias.
Hope all is well!
Josh
PS, I'm staying highly short through at least the middle of next week unless something goes seriously amiss.