FCPO TRADING STRATEGY!! ELLIOT WAVE ANALYSIS!!ELLIOTT WAVE ANALYSIS FOR FCPO
This strategy view the FCPO market will fly without wing jump to Wave 5. Let’s find the entry signal for LONG/BUY entry guys :)
FPOL1! trade ideas
FCPO. CORRECTIVE PHASEDTime-consuming sideways movement, tight ranges, and numerous overlaps are all characteristics of a corrective wave.
Sideways corrections often tend to retrace 38.2% of the previous impulse wave, particularly when they occur as wave 4. We wait here when the price reaches this level.
We will continue to detail the structure once we have a clear picture. For now, let’s sit back and rilex.
FCPO. HIGHER TO COMPLETE WAVE 3 CYCLEPrice reached 2.618 fibonacci relationship compare to wave 1.
Evaluation based on market structure, we see an extension wave 5 within wave (3) rally.
If wave (3) has ended at fibonacci 2.618 area, we expect to see a 3 wave decline for wave (4) correction.
Elliott Wave Theory:
GUIDELINE OF ALTERNATION WITHIN AN IMPLUSE
" If wave two of an impulse is a sharp correction, expect wave four to be a sideways correction, and vice versa. "
Looking at our price chart, Wave (2) already unfold into a flat pattern and flat pattern is a side way correction. We can expect to see a sharp correction pattern for Wave (4)
BEHAVIOR FOLLOWING FIFTH WAVE EXTENSIONS
" ..when the fifth wave of an advance is an extension, the ensuing correction will be sharp and find support at the level of the low of wave two of the extension. Sometimes the correction ends there and sometimes only wave A ends there... Additional value is provided by the fact that fifth wave extensions are typically followed by swift retracements. "
Projection area and pattern for wave (4) retracement using Elliott Wave Theory for alternation and fifth wave extension theory, expecting to see a sharp correction in wave (4) toward 3900-3880 area.
Bottom line:
Short term view, looking for significant retracement for a sign that wave (3) rally has ended.
Long term view, we are still aiming higher to complete wave 3 cycle on a larger degree.
Trading above yesterday high will required reassesment on the structure.
FCPO. I AM WRONG IN MY PREVIOUS WAVE COUNT.One of the five ways the wave principle improves trading, wave analysis provides a specific point of invalidation, which is the level at which an interpretation is no longer viable.
Knowing when you are wrong is perhaps a trader’s most important piece of information.
Market always right, it was my previous operative wave count is incorrect.
Adjusting to the current structure, wave 3 of 3 already reach 1.618 fibonacci relationship compare to wave 1.
Currently, there is no sign of significant retracement that telling wave 3 of 3 is complete. For now, we still aim high. Next reasonable target is 2.618 fibonacci level where wave 3 is an extended wave.
Let's see what the market will offer us for next week.
Accept failure but never give up, it is part of the process to become a consistently successful
trader!
FCPO. ARE WE THERE YET?FCPO NOV 2024
Price reach equality relationship between wave W and wave Y.
What next?
Expect to see a downward price movement in a motive sturcture towards 3741.
The upper limit for this idea is 3828.
Market always right. Anything can happen.
FCPO. DOUBLE ZIGZAG FORMATION IDEAReassesment of the current wave structure after price break our invalidation level of our previous idea.
As for now, my personal best idea that can be derived from the current market structure is that maybe we area looking at double zigzag formation for november contract.
Invalidation for this idea = 3698
FCPO - THE MOMENT OF TRUTHWe got our 5 wave down and 3 wave up.
But currently price is trading near our invalidation level.
As for now, Elliott rules for impusle wave still hold where wave 2 can never retrace 100% of wave 1.
Trading above our invalidation level would invalidate the current wave analysis, requiring a reassessment of the wave structure.
Alternate count idea:
extreme low of today morning trading session can be lable as wave 4 end point and the upside rally in today trading session as wave 5.
FCPO - 5 WAVE DOWN, NEXT 3 WAVE UP!Continue from previous post.
We can see a clear 5 sub-wave structure was observed during evening session. This motive movement to the downside and trading below 3686 strengthen the idea that wave C has complete.
*** 5 Wave structure on 1 minute chart.
Next, we would like to see a retracement that potentially will bring back price to 3700 area for sub-wave 2.
Invalidation for this wave analysis = 3734.
Let's see what the market will offer us next week.
Happy holiday to All FCPO trader!
FCPO - WAVE 5 OF C TOPPED?Continue working with the hypothesis that a running flat was forming in FCPO:
We have a clear 5 wave structure advance from extreme low of Wave B giving us indication that wave C maybe complete.
If Wave C topped and Running Flat pattern is complete, then we would like to see a downward movement of price toward 3686 level in a motive sequence before we start formulating a trading plan for this pattern.
Invalidation level is for this idea set at wave C extreme high = 3734.
FCPO - FLAT FORMATION FOR WAVE 4Working on the idea of flat pattern in play for wave 4 formation on a larger degree.
Currently we are in the last wave formation, wave c of flat pattern.
Rules for Flat Formation:
1. A flat always subdivides into three waves.
2. Wave A is never a triangle.
3. Wave C is always an impulse or a diagonal.
4. Wave B always retraces at least 90 percent of wave A.
FCPO NOV 2024 - HIGHER TO COMPLETE WAVE 5 OF CWave C of Flat correction in larger timeframe.
Invalidation 3686
Expecting price to move higher to complete the last sequence of motive structure.
Elliott Wave Rules:
"Wave C in a flat correction is always impulse or diagonal."
Journey FCPO. Part 4So what now to do? We want to make sure price break HH. If that happen, find entry around H for sharp entry. Or if you are too lazy and can bear with floating, have big margin/ equity just use H as your entry point. Hope my explanation in part 1 till now help you guys understand trading using SNR/ SND better. Let’s success together. Drop some comment if you find this helpful.
Journey FCPO Latest. Part 3Drop to M15. Readjust your RBR Box to make it neat and easy to read. So if you look closely there’s HNS pattern. Mark the shoulder (Low). So when price come back to RBR and hit the line. boom!! Change to candlestick
Journey FCPO Latest. Part 2If go to M30, it shows that complete double bottom pattern and price have break the neckline (red line). There’s also a RBR zone that created while price break the neckline. Wait for price return to RBR zone and boom!! Change to candle stick for double check.
Journey FCPO latest. PART 1Remember that never find sell in red box. Only find sell in green box. Direction for now in H4 is buy. Direction buy! Sell is retracement! Follow on part 2 for more.
Direction Now : Long Due to price gap up and break 1st and 2nd resistance (red line) now price must retrace/ pull back to box. I’ll wait for price come to box and change to M1 chart for confirmation to buy. (HNS/ Double Bott/ Triple Bott)
Green Box Sell AreaBiggest direction (H4) still in downtrend. Meanwhile, price is pushing upwards due to pull back / retracement. My short area / sell area is in green box. To be exact price is same as red line in the box.
FCPO Week 32 2024: Bearish in motion?Yesterday's movement might have broken the range. However, a retracement is expected, presenting an opportunity to sell. Consider selling with a target of 3600.
FCPO Week 31 2024: Waiting for break thorugh.Last week, prices moved within a narrow range between 3900 and 4000. Unless there is a significant move that breaks through this range, either higher or lower, the market will likely remain neutral. This week, pay special attention to this range, particularly the levels closer to 4000, as a breakout in this area could signal a strong market move.
FCPO - Futures Crude Palm Oil Buy to continue trend as price is pullback after break nearest resistance. In HTF, price direction is SELL. H4 support have broken.
FCPO Week 30 2024: Slight bullish potential.Last week, it was anticipated that the price would retrace higher before moving lower. However, this did not materialize. The 3900 to 4000 range remains a critical area, with the price continuing to move within this band. Currently, forecasting the outlook is challenging, but based on recent price reactions, the market appears to favor the bulls. Next week, we will be looking for opportunities to buy, anticipating that the price will move higher.
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FCPO Week 29 2024: Bearish in motion.Based on last week's price action, FCPO appears to be trending lower. Pay close attention to the price movements between 3955 and 4000. If bearish price action is observed within this range, it could present a good opportunity to enter a short position.
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FCPO Week 28 2024: Support retest and then higher.Last week, the price broke through the 4,000 resistance area and closed above it. However, it hasn't moved significantly higher and is currently consolidating. It's expected that the price might retest the 4,000 area before moving higher towards the 4,200 level. If the price drops significantly, the outlook could change, potentially reversing the trend. Given the short trading week, adopting a wait-and-see strategy to observe the next price action might be wise.
