Hello Everyone,
Whenever you trade an impulsive move in our case wave a of he zigzag,
you need a 1 wave that is extended between waves 1, 3 or 5.
In this example wave 3 is the biggest and the extended wave, to clearly identify this we have to take fib of Wave 1 and check if the wave 3 is min. 161.8 of the wave 1.
In our case this is happening so then we have to check if wave 3 is breaking 0-2 trend line which it doesn't, this is good because in an impulsive move Wave 3 cannot break 0-2 trend line.
After Wave 5 is done, we need price action to break 2-4 trend line in the time that is taken wave 5 to form, which it does...
So what we are looking for is wave B of a zigzag which has to be a corrective structure so everything that we label on the one more lower degree of color Yellow has to corrective (abc)
We think Wave a of the blue degree is soon to be done so we are looking on the short side of the market to complete wave b of blue.
Good Luck
Whenever you trade an impulsive move in our case wave a of he zigzag,
you need a 1 wave that is extended between waves 1, 3 or 5.
In this example wave 3 is the biggest and the extended wave, to clearly identify this we have to take fib of Wave 1 and check if the wave 3 is min. 161.8 of the wave 1.
In our case this is happening so then we have to check if wave 3 is breaking 0-2 trend line which it doesn't, this is good because in an impulsive move Wave 3 cannot break 0-2 trend line.
After Wave 5 is done, we need price action to break 2-4 trend line in the time that is taken wave 5 to form, which it does...
So what we are looking for is wave B of a zigzag which has to be a corrective structure so everything that we label on the one more lower degree of color Yellow has to corrective (abc)
We think Wave a of the blue degree is soon to be done so we are looking on the short side of the market to complete wave b of blue.
Good Luck
Trade closed manually:
Order closed with profit...
We like the keep targets short..
Results can be verified from myfxbook
Good luck to all
We like the keep targets short..
Results can be verified from myfxbook
Good luck to all