ironcondor
Long

AUDCAD 15M Long | Morning Star Pattern

FOREXCOM:AUDCAD   Australian Dollar/Canadian Dollar
Candle Pattern: Morning Star
Trend: up
Trend Entry: With

TP/SL Ratio Target: 1 to 1
Target TP PIPs: 15
SL PIPS: 15

Fib Entry: .764
Fib TP: .5
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: Above
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot

Notes:

morning star formed on the 200SMA, Daily Pivot and at the .764 fib of last swing low
stochastic showing oversold, second dip below 20
MACD now contracting to the upside

Might be in the ABC correction phase of last elliot wave .
Possibly point A and looking to create point B just shy of previous swing high which should be around the .382 to .236 fib level

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