GBPUSD 15M short | Evening Star Entry Short
British Pound / U.S. DollarFOREX.com
Description
⋅ ENTRY MADE OVERNIGHT
Candle Pattern: Evening star
Trend: up
Trend Entry: against
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: 0
Fib TP: 1+
Stochastic: over-bought
MACD: trending down
200SMA: above
BB: n/a
Pivot Point: pivot
Elliot Wave:
Wave 5 completed. Looking for a drop to create wave A correction
Notes:
Entry placed just shy of the last swing high.
Playing against the trend because im looking for a wave A correction from the wave 5 completion
stochastic entered the overbought zone several times without making new highs in the price action
macd showing strength moving to the downside
What can go wrong:
could end up making a new wave 5 high.