im still practicing and this is for the better of my own education, i want to begin trading using elliot wave i took the most relative high and begin plotting were on wave 4 i believe that price can cont on to wave 5 and tp will be set at 1.28500 area
so we see that structure previously broke a 1h high and did a retest with a solid engulfing pattern candlestick: i honestly think this can be a swing trade over the course of the next 2-3 days for a strong buy: i have my stop loss in place as was and i have my targets mark we will wait and see what happens if this means trend will continue with the break or not
So i have Current market low @ 78.500 i will take this trade back at the retest and have my SL at prev market high at 78.575 which is a 7 pip sl and a gain of 250+ which is about a 2.5:1 ratio which i will take; with that being said im still waiting for it to retest this area i could have entered on the 5 min chart but i missed it so im awaiting if trades does get...
So we seen price breakout the low and then give us a retest at 0.69730 area on the 15min and failed to break back up above it meaning to me that price should still continue further down to previous market low @0.69200 and i have my stop loss at previous market WICK high which is at 0.69910 meaning my ratio is a is a 7:1 i will keep posting simplicit trades as...
so to begin with we have a engulfing pattern on the monthly to give us a bullish bias BUT WE DO HAVE MOVING AVERAGES SAY WERE BEARISH, we have a weekly bullish bias but we do have broken structure on the 4h and 1h for a bearish bias, i do have my red key support and resistance and i do also have quarters theory and a Fibonacci on my 4h so were going to have to...
We have a sell on the 4h and showing a divergence on a 1h, we also are in confluence with the Daily chart as well which gives us a better reason to sell off the 61.8 and get back in the daily trend. We have a trend line break on the one hour as well as a possible head and shoulder forming on the 1h so to sum up reasons
1. Daily confluence BEAR MARKET
2. 4h 61.8...
we can expect gold to rise to 1315.18 we have a break of structure on 4h and a ma cross along with a ascending triangle. We also have a 61.8 touch on the 4h so im expecting a bullish run for the next day or two maybe till next week
Multiple confluences in play, awaiting for a 38.2 bullish candlestick variation or a 61.8 bullish candlestick variation. WE ALSO Have a Psychological level at a major Quarter in play at 1321.00 at the 38.2 fib and 1319.00 at 61.8 we will wait till a candle stick variation happens at one of the major quarters and wait for a play at one of the Fibonacci PRZ. if we...
You know me by now i like it to keep it straight to the point on why i took the trade
1. MarketStructure is telling me that we are in a bullish movement and have broke our previous high and looking to make our next lh to follow a buy
2. We are waiting for a fibonacci play off the 38.2 or 61.8
3. There is a supply zone at 38.2 or 61.8
4. Wait for a Candlestick...
so we have a 1h support i marked with a green line
2. supply zone in play
3. 38.2 fibonacci
5. awaiting confirmation on candlestick
6. MARKET STRUCTURE IS BROKEN ON 1H HOWEVER WE HAVE A 4H PLAY IN THIS AS WELL THATS WHY ITS IMPORTANT TO WAIT AND SEE WHICH MARKET STRUCTURE PLAYS OUT
We have a possible long setup for Aud/usd
One. We have a break of structure in previous low in the bearish trend which now makes it Bullish.
Two: We have a possible retest in a supply Zone
Three: The supply zone is in the 61.8 however it can bounce off the 38.2
Four: Macd is Crossing
Five: waiting for Bullish candle stick variation
So we see first that we have a break of structure on our previous low showing that we are in a bearish movement, Second we see that we are at a supply zone: Third we are at a 38.2 retracement with Fibonacci. Four we are waiting for a candlestick to form and so far we are looking like a Bearish engulfing candle. Fifth we are seeing a cross in the MACD
We have a trendline break and market structure break; Meaning we are no longer in a bearish momentum, We are now waiting for a retracement that i drew up on a 4h. We can expect it to come down and retest market structure and the trend line: With that being said we also have a Supply zone that i drew up that we can see it come down and retest. So we have to wait...
so we have a possible confluence setup, we have to wait for one or two things: One being that we come down to the 38.2 and wait for a candle stick reversal pattern or were going to break our lower high which i marked in red and we will get a reversal from there we can re measure our fib for a sell opportunity.
So if you look at my last two post you will come to understated we had multiple confluences that allowed to easily take this trade without no hesitation. One being we had a touch at the 38.2 ,twice this week on gold which easily confirms that we can ride this up to the 2.6 without having to second guess. Two being we are in a strong Demand zone in a bullish...