ironcondor
Long

AUDUSD 15M Long | Morning Star Pattern

FOREXCOM:AUDUSD   Australian Dollar / U.S. Dollar
Candle Pattern: Morning Star
Trend: down
Trend Entry: against

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

Fib Entry: .764
Fib TP: .50
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: Below
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: S1 && S2

Elliot Wave:
finishing the completion of wave 4
Looking for final move up to complete wave 5



Notes:

posted a little late, trade opened while away from computer

Morning star forming under 200SMA. Going against the new trend, however I think its still uptrend on higher time frame and final completion of elliot wave 5 1HR

Morning star almost at 100% fib from previous swing low

stochastic showing oversold with a double dip
macd showing slowed downside momentum


What can go wrong:
might see price completely go past the swing low and that would invalidate the upside elliot direction.
would have to reconsider downtrend and wave 3 as the start of downside elliot



Trade closed: target reached: TP reached in 12H
Comment: approaching end of wave 5 zone
about 30 pips away to reach downside wave 4 zone
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