ironcondor
Long

EURUSD 15M long | morning Star Pattern

FOREXCOM:EURUSD   Euro / U.S. Dollar
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: above
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot && S1

Elliot Wave:
looks like we might be starting a new elliot wave 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 elliot wave 5 point high to the upside.




Notes:

morning star formed around the 618 fib retracement. I set my entry at the .764 below the morning star to allow for better entry

stochastic showing oversold with a divergence to the upside
macd 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 elliot wave 5 completion.







Trade closed: target reached: TP reached in 5 hours

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.

Trade closed: target reached: Closed after 8 hours
TP of 80 pips reached
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