Candle Pattern: Evening Star
Trend: down
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-bought
MACD Histogram: contracting down
200SMA: slightly below
Inside EMA/SMA zone: no
BB: top
Pivot Point: Pivot
Elliot Wave:
looks like the formation of the C point correction to the last elliot wave.
Notes:
Late post, Entry made overnight. Already in profit at posting.
at 1am placed an entry at the fib .764 level. Price was still around the low point of the last swing. I placed the entry in hopes price goes to the 764 level and continues the downside trend.
morning star formed around the 764 fib retracement jut shy of the 200 sma.
stochastic showed overbought
macd histogram showed momentum slowing to the upside
TP Goal around 40 pips
What can go wrong:
its possible this is the starting of wave 1 of a new elloit wave to the upside
Trend: down
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-bought
MACD Histogram: contracting down
200SMA: slightly below
Inside EMA/SMA zone: no
BB: top
Pivot Point: Pivot
Elliot Wave:
looks like the formation of the C point correction to the last elliot wave.
Notes:
Late post, Entry made overnight. Already in profit at posting.
at 1am placed an entry at the fib .764 level. Price was still around the low point of the last swing. I placed the entry in hopes price goes to the 764 level and continues the downside trend.
morning star formed around the 764 fib retracement jut shy of the 200 sma.
stochastic showed overbought
macd histogram showed momentum slowing to the upside
TP Goal around 40 pips
What can go wrong:
its possible this is the starting of wave 1 of a new elloit wave to the upside