Trend Entry: against
TP/SL Ratio Target: 3 to 1
Target TP PIPs: 60
SL PIPS: 20
Fib Entry: 1
Fib TP: .236
Histogram: contracting down
Inside EMA/SMA zone: no
Point: && S1
Completion of correction wave C.
If we are starting a new upside wave, this should be a the start of a new bottom.
Looking for an upswing to the upside with a correction around 618 fib as validation
Posted late since position was opened while I was asleep waiting for NFP.
several morning stars formed over several hours after a big swing to the downside.
showing oversold on both the 15M and 1HR.
still showing downside momentum on the 15M but slowing momentum to the upside on the 1HR
With NFP coming up at 530am, I have placed an entry 10 pips below the lowest swing for an upside move of 60 pips shy of the 200sma
What can go wrong:
NFP is a dangerous play and could completely blow past the SL or have such great that it triggers the SL even though it goes in the correct direction.
TP still at 60 pips