Trend Entry: against
TP/SL Ratio Target: 3 to 1
Target TP PIPs: 60
SL PIPS: 20
Fib Entry: 1+
Fib TP: .50
Histogram: contracting up
Inside EMA/SMA zone: no
Point: R2 && R3
Completion of wave 5
final wave 5 completion of the upside wave, terminating in the wave 3/4 zone of the previous wave down
this also completed a giant correction from the previous downtrend wave.
this may be the start of a new long term downtrend. Looking forward to an correction down to the wave 3/4 area of the current wave.
Posted late since position was opened while I was asleep waiting for NFP.
formed after a big upswing.
showing oversold and having trouble moving to the downside to fully correct
still showing upside momentum slowing down.
With NFP coming up at 530am, I have placed an entry 10 pips above the highest swing, looking for a downside retracement around the .50 fib level and above the 200sma
What can go wrong:
NFP is a dangerous play and could completely blow past the SL or have such great that it triggers the SL even though it goes in the correct direction.