If you wanted to make 50 pips today with whatever size you would wager, all you had to have was a plot from my Fractal Switch indicator (the Fibonacci looking thing in green).
This would had meant depending on the time of the purchase with 1 lot size $100 maximum draw down or $39 and $500 net booked upon going to target.
Why does not worth this to you a donation of your choice is beyond me. (There are 2 more trades with the same plot: a long stop at the Wrong About Reversal level and a Sell Stop at the Close/Hedge level).
But this is not what I want to talk about here.
Plotting a bar chart may prevent you form seeing the 3 waves that happened downwards.
DJ Culture 3 Wave Structure would only become visible with 2-colored candles at times, for they played out faster than you could follow on the given time frame with the help of an RSI2 (see the down leg, that we now can call Wave 4).
The only way to spot the structure was finding the two white candles up in the black candle sequence that separated the impulse legs.
On the histogram above (code was published for free in my Disappearing Volatility entry) you can see that the Wave 5 made a beat over the Wave 3 even on the relative to mean basis (red line).
wave 3 of Wave 5 managed to achieve trending before turning on itself.
The Market Makers bought again (at Mr. Maroon) supposedly to sell out their longs on the way up into this leg.
Price is now awfully close to the energy bands that would be even lower tomorrow. The Risk/Reward favors the downside as well as the wave count.
…and just remember when I said that when you do not know what is happening, chances are that you are in a Wave B or a Wave 5.