ironcondor
Long

EURUSD 15M long | Morning Star Pattern

FOREXCOM:EURUSD   Euro / U.S. Dollar
Candle Pattern: Morning Star
Trend: down
Trend Entry: against

TP/SL Ratio Target: 3 to 1
Target TP PIPs: 60
SL PIPS: 20

Fib Entry: 1
Fib TP: .236
Stochastic: over-sold
MACD Histogram: contracting down
200SMA: below
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot && S1

Elliot Wave:
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

https://www.tradingview.com/x/wuPePnbN/'...

Notes:

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.
stochastic showing oversold on both the 15M and 1HR.
macd 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 volatility that it triggers the SL even though it goes in the correct direction.







Comment: SL moved to 10 pip profit
TP still at 60 pips
Trade closed: target reached: TP taken at 26 pips, closing early due to weekend
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