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: 1
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: slightly below
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot && S1
Elliot Wave:
Just completed Correction C. If this is a new uptrend extension Im expecting to see a retest to the low but not go past the point C.
1HR stoch showing oversold and MACD showing loss of downside momentum.
Notes:
double bottom morning stars formed around the 764 fib retracement. 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
Going to try and get at least 40 pips, but will see how momentum is going to the upside and if it looks like we will crack the last swing high
What can go wrong:
could be an elliot wave to the downside or continued C point Correction low, especially if we break currenct C point
Trend: up
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: 1
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: slightly below
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot && S1
Elliot Wave:
Just completed Correction C. If this is a new uptrend extension Im expecting to see a retest to the low but not go past the point C.
1HR stoch showing oversold and MACD showing loss of downside momentum.
Notes:
double bottom morning stars formed around the 764 fib retracement. 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
Going to try and get at least 40 pips, but will see how momentum is going to the upside and if it looks like we will crack the last swing high
What can go wrong:
could be an elliot wave to the downside or continued C point Correction low, especially if we break currenct C point
Trade active:
moving SL to break even