traderpt2016

good R.R for possible scenario

I am seeing this this trade as the end of a 5 wave pattern. I am trading the z wave down and also the trade back up . The R/R is good. trade responsibility with an established trade strategy.

reasons: 1. end of possible 5 wave structure 2. confluence with 1.618 and monthly pivot 3. completion of larger B wave to start C wave

double top formation with a rejection at the neckline, price went to the neck line and was immediately rejected Although i trade using technical analysis 90% , this is the 10% of time that fundamentals come into play. I am not going into this trade strictly because FOMC is tommorow. But i think it is a very much so a valid set up for those who would like to ...