ironcondor
Short

AUDCAD 15M Short | Evening Star

FOREXCOM:AUDCAD   Australian Dollar/Canadian Dollar
Candle Pattern: Evening Star
Trend: down
Trend Entry: With

TP/SL Ratio Target: 1 to 1
Target TP PIPs: 20
SL PIPS: 20

Fib Entry: .618
Fib TP: .236
Stochastic: over-bought
MACD Histogram: contracting down
200SMA: Above
Inside EMA/SMA zone: yes
BB: top
Pivot Point: Pivot && S1

Elliot Wave:
Looks like we just completed ABC correction of previous elliot wave
If if this is the start of a downside elliot wave we should see a push past C point low to create a new low
If C is the start of new upside elliot wave , we should see a retracement to around the .236 fib of C point before contuniation upside




Notes:

Evening star forming inside ema/sma zone, under 200sma at fib .618 level and just under elliot wave 1 zone
stochastic showing overbought
macd starting to show decrease in upward momentum


What can go wrong:
Might see price enter .764 fib before actual reversal to the downside
might see price stop shy of .236 if this is an upside elliot wave



Trade closed: target reached: target reached in under 2H
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