AUDCAD 15M long | morning Star Pattern
Candle Pattern: Morning Star
Trend: up
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .236
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: slightly below
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: S1
Elliot Wave:
possible bottom zone of the wave 4 in upside elliot wave.
hoping this is the start of wave 5
Notes:
Late post, Entry made overnight. Already in profit at posting.
morning stars formed around the 764 fib retracement and at the 200 sma. I set my entry at the .764 and waited for the second retry to the low for entry.
stochastic showing oversold
macd still showing decrease in downside momentum
Looking for a TP around wave 3 high
What can go wrong:
its possible this is actually an ABC correction for a very short wave 5 and might see a small upside move to create point B with a final move to create point C in my SL zone.
Trend: up
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .236
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: slightly below
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: S1
Elliot Wave:
possible bottom zone of the wave 4 in upside elliot wave.
hoping this is the start of wave 5
Notes:
Late post, Entry made overnight. Already in profit at posting.
morning stars formed around the 764 fib retracement and at the 200 sma. I set my entry at the .764 and waited for the second retry to the low for entry.
stochastic showing oversold
macd still showing decrease in downside momentum
Looking for a TP around wave 3 high
What can go wrong:
its possible this is actually an ABC correction for a very short wave 5 and might see a small upside move to create point B with a final move to create point C in my SL zone.
Trade active:
moving SL to break even
Trade closed: stop reached:
closed at breakeven
not enough momentum to the upside
not enough momentum to the upside