Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: 1+
Histogram: contracting up
Inside EMA/SMA zone: no
Point: && S1
looks like we might be starting a new to the upside and just completed wave 2.
Looking for a push beyond wave 1 high point.
TP set just above wave 1 but expecting a long term upside move above the last 5 point high to the upside.
formed around the 618 fib retracement. I set my entry at the .764 below the to allow for better entry
showing oversold with a divergence to the upside
still showing decrease in downside momentum
What can go wrong:
TP could be set too high at 40 pips and will consider a smaller TP if we struggle to break wave 1 high point.
A move to the downside past point C correction would indication we are actually in a wave 3 to the downside from the previous 5 completion.
elliot wave 3 appears to be in full effect. Looking for a wave 4 to test the wave 1 high for a new long entry to complete the 5th elliot wave to the upside.
TP of 80 pips reached