Nice Elliott Wave 4 Buy triggered from ProfitSource on VRSN

LATER, Jan 17: This trade went sideways then down, a total loser, expired worthless. On this note I returned my ProfitSource software within my 30-day trial period.  Elliot Waves only work in directional markets and we’re not in any certain direction right now.

My first batch of Elliot Wave 4 buys using my new ProfitSource software stopped out for a 50% loss. This software’s predictions are supposed to be correct about 70% of the time if you add in the Fibonacci projector and the oscillator correctly. So far I’m 0-1 with it

I had purchased a March OTM bull call spread after the green bar breakout over the EBOT (Elliot breakout trigger) thick blue line but it never really got any higher than that and retraced back to where it was previously and, in today’s market, even lower. Looking back in retrospect, this didn’t look like a good trade as the oscillator didn’t make higher highs when the stock made higher highs. I’m not sure why I didn’t see that before when I put on the trade. If I had I wouldn’t have done this. Ouch! Maybe I was too anxious to put my new software to work.

LATER….

Well, it’s back up from where I sold it but too bad, I had to follow my rule and get out when a position is down 50% or more, so no crying over spilled milk.