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Pity there aren't more people joining in the discussion with opinion.
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Geez tech, I can't even
keep up with this thread, it is moving so fast.
OK, so a contribution, this will be more along the lines of execution/trade location comment - from your questions put to Tin I suppose the implication is you would have been buying earlier, would you have bought on the breakout or even before then? (Do questions count as contributions?)
When you use Elliot in combination with
VSA does the Elliot analysis give you more "confidence" (for want of a better word) to buy this
VSA set-up on the break above the high (approx the 82 cent level), or even earlier?
The big advantage of an earlier entry, and not just the obvious one that you buy at a cheaper price and therefore make more money, but in the big picture, across numerous trades, doing so consistently is going to
skew the risk down (your stop is closer if the set-up doesn't play out) and you
skew the return up (you've got a lower entry price, so assuming the exit price would be the same irrespective of your entry price there is a greater profit). So from a risk/reward perspective the earlier/lower the entry the better. Also, from a momentum perspective, an entry before the break, or as it is occurring, gives you the benefit of that burst of momentum working in your favour. If the burst is enough to cause you to raise your stop loss, even better again.
I suppose this is also where your question "what sort of trader are you?" comes into play.
If you are playing this set-up for a short-term swing in price, say you are looking for 5 to 10 cents profit, or whatever, then entering a cent or two earlier will again make a big difference, and again not just on
this trade, but done consistently over numerous trades - better risk/return ratio.
On the other hand if you are playing for a longer-term move, say 50 cents on this 80 cent share, or again whatever, then a 1 or 2 cent difference in the entry price may not be judged as important, it being judged better to see a re-test of the breakout before committing to a longer-term hold? Then again (this is where I need a third hand) an earlier entry even with longer-term holds in mind will give you the benefit of that initial momentum burst (if it comes) and the opportunity to raise the stop loss - on the numbers with holding the position for a longer term move the benefits to the risk return equation could be even greater than with short-term holds.
This is not
VSA, sorry, but is related to the combination of
VSA with Elliot and the potential benefits of an earlier/cheaper entry from a risk/reward perspective.