USDJPY 15M short | Evening Star Pattern
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: .236
Stochastic: over-bought
MACD Histogram: contracting down
200SMA: above
Inside EMA/SMA zone: no
BB: top
Pivot Point: R1 && R2
Elliot Wave:
looks like the start of wave 5 in the uptrend. Hourly starting to show overbought.
Im looking for a retracement down before completing the final leg to the upside above wave 3 on the hourly
Notes:
morning star formed around the 618 fib retracement. I set my entry at the .764 above the morning star.
stochastic showing overbought and second wave into the overbought zone.
macd still showing decrease in upside momentum
What can go wrong:
SL set just above wave 3 last high and price could end up going straight for the completion of elliot wave 5 and blow past wave 3 last high point, at which point I would get stopped out.
Trend: down
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .236
Stochastic: over-bought
MACD Histogram: contracting down
200SMA: above
Inside EMA/SMA zone: no
BB: top
Pivot Point: R1 && R2
Elliot Wave:
looks like the start of wave 5 in the uptrend. Hourly starting to show overbought.
Im looking for a retracement down before completing the final leg to the upside above wave 3 on the hourly
Notes:
morning star formed around the 618 fib retracement. I set my entry at the .764 above the morning star.
stochastic showing overbought and second wave into the overbought zone.
macd still showing decrease in upside momentum
What can go wrong:
SL set just above wave 3 last high and price could end up going straight for the completion of elliot wave 5 and blow past wave 3 last high point, at which point I would get stopped out.
Trade closed: stop reached:
price went for the elliot wave 5.
SL hit within 2 hours
SL hit within 2 hours