Here we have 100-300 pips of profit to make on a SELL. Aim for $1.3800 and lock profits along the way as shown in graph
Techniques Elliot Wave, Confluence, Head and Shoulders, Trendline, Fibonacci extension and retracement
Analysis 1. Trendline - In a downtrend as Price was broken by the blue upward trendline and hit support at $1.3919 2. Elliot Wave - Waves 1-5 and A are thus complete. 3. Head and Shoulders - After hitting the support at $1.3919, Price looks to be attempting a H&S formation. I anticipate a retracement before deeper downtrend continuation
Trade Setup
1. SELL after retracement to $1.4090/ Right Shoulder/Wave B. Sell entry- $1.4090 [Wait for price action to hit the confluence zone/right shoulder/Wave B [Confluence bc it has strong resistance, 100EMA, Fib extension 61.8% and Fib retracement 38.2% collide] SL - $1.4160 TP- $1.3800 [290 pips]. This is a strong support zone and fib extension 1.272%
2. SELL NOW Sell entry - now [use 5 min for good entry point] SL - Above $1.4150 TP $1.3800. This is a strong support zone and Fib extension 1.272%
If you want to buy to the confluence area Buy entry - now [check 5 min chart for good entry point] SL - $1.3900 TP - $1.4090.