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HIGH PROBABILITY TRADING STRATEGIES FOR ANY MARKET AND ANY TIME FRAME

decline. Trends should be at least five waves, so the market has clearly indicated by the pattern that a correction to the bull trend was being made. The correction may continue in a complex correction but—and here’s the key information—the QQQQ should eventually make at least a five-wave trend to a new high. That is powerful information as of the last bar on the chart. The downside should be relatively limited and the upside has significant potential. Let’s add some more data to the chart. As of the last bar on the chart in Figure 3.23, the QQQQ has made a new high as anticipated. The new high signals a trend should be under way. Trends should be at least five waves. Only waves 1 and 2 could be complete as of the last bar. That means there should be waves 3 through 5 still to come, taking the QQQQ higher, possibly much higher. Again, this is powerful information based on simple correction and trend pattern recognition guidelines and the logical position of the market based just on the pattern as of the last bar. More data is added in Figure 3.24. The last bar on the chart has made a new high following a probable Wave-4 low. Since most trends end with five sections, the upside should be relatively limited before the entire trend up from the W.C low is complete. You

FIGURE 3.23 Trends Are Usually at Least Five Waves

Profile for ERIC  Hunt

(wiley trading) robert c miner high probability trading strategies entry to exit tactics for the for  

(wiley trading) robert c miner high probability trading strategies entry to exit tactics for the for  

Profile for erichunt
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