In this count we are embarking on a 3rd or C wave down, doesn't matter which at this point because the main message here is a strong down stroke that should carry some distance. Wave "A or 1" traveled an ES 180 points, an equal distance for this Wave "C or 3" would give us a low of 947.75 from last Thursday's high of 1127.75.
Got stopped out of the long ES from Monday early this morning at ES 1103.75. I broke my own rules here and am paying the price. The Trend/Osc system calls for Stop & Reverse on all positions rather than straight Stop Losses, that feature is there for just this type of situation. For reasons that seem entirely and obviously ridiculous in hindsight I changed the Stop & Reverse to a straight Stop Loss yesterday. If I had followed the system rules I would be short ES right now from 1103.75 and feeling pretty good, with the loss from Monday's long ES more than covered and obvious potential for a lot more gain. Sigh. Sometimes a trader can be his own worst enemy.
Happens to me all the time. Plan a perfect trade scenario, prices are reached and I freeze into inactivity just when my original plan would have rewarded me greatly. I know how you feel. I added a small long to hedge my shorts today - bought 1000 ebay @ 21.29 around 1pm.
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