PLS chart, page-14137

I just did an incorrect trade and I thought I would share the error so we can all learn.



Now, based on the MACD I traded out at the arrow marked 1, but should have traded out at the arrow marked 2. The reason is the red line was still rising at 1 whereas the red line was falling/flat at 2. I thought there was something wrong with the trade when I placed it but couldn't tell what it was. A few minutes later I saw it. I think I have done this a few times before but not realised until now what the pattern was that I was missing.

Upper limit of the range today is around 358 based on the US lead basket, BUT care is warranted because the average drop from the high to the close was 3.5% (or 64% of the rise). The enclosing channel has is 318 - 376, but I don't think those range edges are likely today. According to the Fib timeline something is due to happen around 11:47. We look to have just completed 5 wave, with the last a little weak BUT it could still be in play, but given the 5 subwaves on the last wave 5, it is probably not and we are probably in an intraday correction wave now with a target 343, if not, the target of the last wave 5 was actually 356, which we clearly haven't reached, so there is always hope that there is one more spasm for the day. Obviously I am doubting that though.