USDJPY 15M long | morning Star Pattern
Updated
Candle Pattern: Morning Star
Trend: up
Trend Entry: with
TP/SL Ratio Target: 2+ to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .382
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: slightly below
Inside EMA/SMA zone: no
BB: middle
Pivot Point: Pivot && S1
Elliot Wave:
just completed wave 4 to the downside of wave 3
looking for an uptick to the 107.40 zone long term
Notes:
morning star formed around the 764 fib retracement. I set my entry just below the .764 and waited for the second retry to the low for entry.
stochastic showing oversold
macd still showing decrease in downside momentum
What can go wrong:
breaking below wave 1 zone would indicate we are not actually in an elliot motive wave to the upside and instead in some form of ABC corrective pattern and throwing my bias completely out the window.
SL at a conservative 20 pips which put me just below the wave 1 zone which it shouldnt enter and below the last swing low.
Trend: up
Trend Entry: with
TP/SL Ratio Target: 2+ to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .382
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: slightly below
Inside EMA/SMA zone: no
BB: middle
Pivot Point: Pivot && S1
Elliot Wave:
just completed wave 4 to the downside of wave 3
looking for an uptick to the 107.40 zone long term
Notes:
morning star formed around the 764 fib retracement. I set my entry just below the .764 and waited for the second retry to the low for entry.
stochastic showing oversold
macd still showing decrease in downside momentum
What can go wrong:
breaking below wave 1 zone would indicate we are not actually in an elliot motive wave to the upside and instead in some form of ABC corrective pattern and throwing my bias completely out the window.
SL at a conservative 20 pips which put me just below the wave 1 zone which it shouldnt enter and below the last swing low.
Trade closed: stop reached
SL reachedwe were not on elliot wave 3 but actually elliot wave 5 and now in the ABC correction pattern. This should have been easily spotted and but somehow overlooked.
Here is the new wave outline
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