Trading Leg 5 of the NAEWMC
Trading Leg 5 is always tricky so watch the price action to predetermine your TP ..... I normally trade from the 61.8 Fib R of leg 3 to the 127.2 Fib Ext of leg 3 (this is the safe zone)
Having said that I'm already long based on price action.
After the FOCM meeting minutes where released the price continued to push higher, price reached the 1.414 Fib Ex of Leg 1 (although price may move higher to touch the 1.618 Fib Ex of leg 1) I have entered a shot with the TP at 1.11693. if price dose move higher i will look at adding additional shorts to maximize profits.
Big wave surfing requires discipline, discipline and discipline !!!
You should also be familiar with NAEWMC (New Age Elliot Wave Market Cycle) and Fibonacci levels. In this case the suggested target for the 4th wave is 61.8 Fibonacci retracement of Elliot wave 3 or 1.13508. The 5th wave target is the 127.2 Fibonacci extension of Elliot wave 3 or...
Note I will do an update for EW 4 and 5 as we don't know the end point of EW 3 just yet ..... (EW 4 & 5 can only be accurate once we know the turning point of EW 3)
For detail please send me a PM
Let’s take a closer look at my last published idea to see how price has been behaving. In my last post waves within waves (link below) we see the end of EW3 and the potential target for the completion of EW4 (which is now complete) price attempted to complete EW5, which in order to do so price would need to touch the 127.2 Fib Ex of EW3.
The building BLOCKS of trading = Fibonacci; Elliott Wave and Harmonics
Please note the attached EURUSD 4H chart should be viewed together with this description. I would also suggest that you have a look at my 3 other published ideas as they are the initial identification of the Elliott Wave formation.
In this chart we can see the both an Elliott Wave and...