I’ve been warning subscribers over the last week about the impending and probable ‘choppy’ price action that can be expected. This will cause some frustration for both the bulls and bears, but helps build our desired setups. It’s going to take a significant amount of work to reverse the broader markets trends and until that occurs we’ll keep playing the line of least resistance – down. The expected chop will create setups but we also require the minimum risk/reward and low risk entry before taking heed. As we have specific profit targets determined by the pattern itself, we can measure the risk/reward remembering our minimum requirement is 2.9. Anything below is discarded.
Our two short positions balanced off quite nicely considering the Dow Jones rallied over 400-points. In fact our account actually increased by a fraction due to the percentage fall in HMY. No new positions were entered last night and today’s account statement looks like this:
Click to enlarge
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