Moving Average Convergence / Divergence (MACD)
Shorting the EURJPY with IchimokuOn the EUR/JPY
Fibonacci: Price seemed to retrace a bit to 124.791 (0.618) but I'm not sure if it will hit it if so, that would be my ideal short entry.
When I draw multiple Fibonacci from the recent swing high to multiple swing lows, there's an overlap at 124.784 which indicates a strong support.
Elliot Waves: I see the 4th wave has formed but it doesn't seem to be a valid Elliot Wave since the 4th wave has entered the territory of the 1st wave. This confirms to me that there may not be much more of a retracement.
I used M Pivots to try and predict the days range for Monday from 124.023 to 124.924.
Abandon Trade: There seems to be a pretty strong resistance at Fib 0.618 but I would give it until 0.382 level before I consider abandoning this setup.
Neutralize MACD: Because there was a recent big move, I would like to think that by the time the price opens a candle below the cloud the MACD will have neutralized.
Summary:
1. Watch for a candle to form below the cloud or price to retrace back to 124.791 before placing entry.
2. Set my SL at about 10 pips below or at the 0.382 Fib level.
3. Set my TP at about 1.618 Fib Level. This would give at least a Risk/Reward Ratio of about 2.7 with about 54 pip gain.
Long on EURUSD at 618 Fib RetracementHey, guys. So I'm trying hard to work on my chart reading skills. I would like to post a couple charts with my analysis and possibly get some input from this group. I'm pretty new to Elliot Waves and Fibonacci Retracements. Anyone willing to participate? I'm hoping we can learn from each other with this.
On the EUR/USD
Fibonacci: Price seems to be retracing. I will be watching 1.12533 (0.618) for a possible long entry. When I draw multiple Fibonacci from the recent swing high to multiple swing lows, there's an overlap at 1.12360 which indicates a strong support.
Elliot Waves: I see the 3rd wave has formed and the price is retracing to create the 4th wave. I think the 4th wave will complete the previously mentioned 1.12533 (0.618). Looking to enter and ride the 5th wave from there.
I used M Pivots to try and predict the days range for Monday from 1.12042 to 1.13190.
Abandon Trade: If price drops below 1.12360 and a new candle is formed there, I will consider this a possible reversal instead of retracement and abandon this setup.
Neutralize MACD: Because there was a recent big move, I would like to think that by the time the price hits 1.12533, the MACD will neutralize.
Summary:
1. Watch for the price to hit 1.12533.
2. Enter when the candle that touches 1.12533 closes or set my buy order 5 pips above 1.12533.
3. Set my SL at about 10 pips below the 0.382 Fib level.
4. Set my TP at about 1.618 Fib Level. This would give at least a Risk/Reward Ratio of about 2.7 with about 77 pip gain.
$tsla pullback swing tradehigher timeframe is in uptrend with a weakening trend strength which means to resort to the oscillators
intermediate timeframe is showing a strong uptrend with a flattening short term moving average- indecision/potential consolidation
price action is telling me that there is a resistance at the 341.6x area with the triple pinbars
MACD is declining and starting to show downward momentum alongside the rsi
looking to a swing trade to the downside for an quick option trade to first profit target at .618 extension on lowertime frame of 338.0x area
and next profit target level at 335.5x area which on the intermediate timeframe would show a nice shallow pullback in the countertrend
setting stop tight if trade goes in other direction quickly- at 342.8x area