Here we have 100-300 pips of profit to make on a SELL. Aim for $1.3800 and lock profits along the way as shown in graph
Techniques
Elliot Wave, Confluence, Head and Shoulders, Trendline, Fibonacci extension and retracement
Analysis
1. Trendline - In a downtrend as Price was broken by the blue upward trendline and hit support at $1.3919
2. Elliot Wave - Waves 1-5 and A are thus complete.
3. Head and Shoulders - After hitting the support at $1.3919, Price looks to be attempting a H&S formation. I anticipate a retracement before deeper downtrend continuation
Trade Setup
1. SELL after retracement to $1.4090/ Right Shoulder/Wave B.
Sell entry- $1.4090 [Wait for price action to hit the confluence zone/right shoulder/Wave B [Confluence bc it has strong resistance, 100EMA, Fib extension 61.8% and Fib retracement 38.2% collide]
SL - $1.4160
TP- $1.3800 [290 pips]. This is a strong support zone and fib extension 1.272%
2. SELL NOW
Sell entry - now [use 5 min for good entry point]
SL - Above $1.4150
TP $1.3800. This is a strong support zone and Fib extension 1.272%
If you want to buy to the confluence area
Buy entry - now [check 5 min chart for good entry point]
SL - $1.3900
TP - $1.4090.
Techniques
Elliot Wave, Confluence, Head and Shoulders, Trendline, Fibonacci extension and retracement
Analysis
1. Trendline - In a downtrend as Price was broken by the blue upward trendline and hit support at $1.3919
2. Elliot Wave - Waves 1-5 and A are thus complete.
3. Head and Shoulders - After hitting the support at $1.3919, Price looks to be attempting a H&S formation. I anticipate a retracement before deeper downtrend continuation
Trade Setup
1. SELL after retracement to $1.4090/ Right Shoulder/Wave B.
Sell entry- $1.4090 [Wait for price action to hit the confluence zone/right shoulder/Wave B [Confluence bc it has strong resistance, 100EMA, Fib extension 61.8% and Fib retracement 38.2% collide]
SL - $1.4160
TP- $1.3800 [290 pips]. This is a strong support zone and fib extension 1.272%
2. SELL NOW
Sell entry - now [use 5 min for good entry point]
SL - Above $1.4150
TP $1.3800. This is a strong support zone and Fib extension 1.272%
If you want to buy to the confluence area
Buy entry - now [check 5 min chart for good entry point]
SL - $1.3900
TP - $1.4090.
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.