This could fall in 5 impulsive EW pattern:
- wave 2 pulled back to 0.618 - 0.768 area of wave 1
- wave 3 reached just above 1.618 of wave 1
- wave 4 pulled back to just over 0.382 of wave 3
- we have RSI divergence between waves 3 and 5
Now correction should follow and then trend continuation. So trade idea is like:
- entry around point 4 (most corrections are to this area) with tight stop loss
- is stop loss will get triggered, new entry around 0.618 pullback of the whole EW range with stop loss bellow point 2
All entries and stop losses are drawn on chart.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
- wave 2 pulled back to 0.618 - 0.768 area of wave 1
- wave 3 reached just above 1.618 of wave 1
- wave 4 pulled back to just over 0.382 of wave 3
- we have RSI divergence between waves 3 and 5
Now correction should follow and then trend continuation. So trade idea is like:
- entry around point 4 (most corrections are to this area) with tight stop loss
- is stop loss will get triggered, new entry around 0.618 pullback of the whole EW range with stop loss bellow point 2
All entries and stop losses are drawn on chart.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Comment:
REP got rejected at 1.272 level of wave 5 (if it was wave 5) and is heading south. Will watch it how low it will go, but for now trade setup remains the same.
Order cancelled:
Too long sideways, I don't like it anymore.
