PRM | Elliott Wave Analysis | B-wave Buy on dip trading setup
Price action and chart pattern trading:
> Falling wedge correction wave with strong breakout uptrend if you didn't catch the first uptrend, here is the setup for buying the dip.
> status MACD dead-crossing the signal line, possible correction is coming.
> 1st Entry @ strong POC support near 6 baht or SMMA25 zone
> 2nd Entry @ falling wedge retest zone about 0.618 retracement
> Target B wave uptrend near 2-wave downtrend or 0.618-0.786 retracement zone also equals to the target of the falling wedge with a + 30-40%% upside.
> Stoploss @ slightly below the 2nd entry zone -10% downside.
> Risk reward ratio: 3:1
Buying the dip is an important strategy you can use to trade the financial market. Apart from the dollar cost averaging and Fibonacci retracement, there are other strategies you can use, including using indicators and using patterns like triangle, ABCD, XABCD, and head and shoulders.
Always trade with affordable risk and respect your stoploss, nothing is 100%.
> Falling wedge correction wave with strong breakout uptrend if you didn't catch the first uptrend, here is the setup for buying the dip.
> status MACD dead-crossing the signal line, possible correction is coming.
> 1st Entry @ strong POC support near 6 baht or SMMA25 zone
> 2nd Entry @ falling wedge retest zone about 0.618 retracement
> Target B wave uptrend near 2-wave downtrend or 0.618-0.786 retracement zone also equals to the target of the falling wedge with a + 30-40%% upside.
> Stoploss @ slightly below the 2nd entry zone -10% downside.
> Risk reward ratio: 3:1
Buying the dip is an important strategy you can use to trade the financial market. Apart from the dollar cost averaging and Fibonacci retracement, there are other strategies you can use, including using indicators and using patterns like triangle, ABCD, XABCD, and head and shoulders.
Always trade with affordable risk and respect your stoploss, nothing is 100%.