Treating this as a No.4 wave Elliott, where the No. 4 wave is often saturated with flats and triangle, i'm awaiting confirmation of the next two candles to verify a move down to second channel line. If the market presents a catalyst in favor of my direction. i wouldn't be too presumptuous to set a limit order at 1.31515, rather i'd prefer to bring my stops past break even to a retracement level (cannot be selected now) , watch a lower time frame for reversal candles at target in the event of higher volatility, hold out for further gains downwards. we also have slight divergence showing on stochastic (but not confirmed). presents a good win/loss ratio, using the first stop loss = more gains than second since stop loss should determine the amount won.
1st target achieved 62 pips successful trade. still waiting for further gains downwards
DayFarrell
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two hours have past and still no clear entry signal; however, if price manage to close above channel line, i will look for a possible entry at my conservative stop loss, and use the next stop loss. I will treat the structure as an irregular(expanding) flat. however, i'm more in favor of my first scenario, simply because of the possibility of a 6:1 risk/reward. upon confirmation of candle stick on the 1 hour chart, i will also check the 2 hour chart for confluence before execution.