The TradingLevels analysis of Major TradingLevel three (TL3) $30.00 showed that the market had migrated from resistance to support, which marked a long-trade set-up. After entering the trade at $31.73, we have now seen a jump to around $41.75 and we got a whopping 400% profit.
Elliott Wave Analysis has the correction / continuation pattern at TL3 as waves 3 and 4 supporting the trend analysis for the long trade.
The gap in the market also fits nicely with Elliott Wave thirds wave price action.
I expect a corrective pattern at the $40.00 which in TradingLevels terms is a MediumLevel (ML4).
Once this is completed expect a move higher to TradingLevel (TL5)50.00.
The current profit status of $2,241 is over four times the risk or over 400% profit on this CFD ETSY Trade.
Entry Date: 31 May
Entry Price: $31.73
Current Stop: $35.46
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Extending his passion overseas, Peter travelled to Britain where he studied both the UK and US markets. When Peter returned to Australia, he updated his qualifications and went on to write and deliver advanced trading workshops for global leaders in foreign exchange and derivative trading, including CMC Markets, City Index, Invast and others. As a well-seasoned trader, with an aptitude for investor education, Peter obtained the necessary licences to establish TradingLounge and offer education and trading support to traders and investors.
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