I am practicing doing markups and would appreciate any and all feedback that you guys are willing to give me. I first began by drawing all of the support and resistance lines on the 1 Day, then the 4 Hour, and then the 1 hour. There is a key that says which is which at the top of the charts. I then went ahead and drew all of the trends that I saw on the 4 hour and...
Here we see UJ making a perfect bounce off of the 38.2 Level along with what could be considered a morning star or an engulfing candle at the site of where it bounced off. Also it's in its 3rd drive of the elliott waves pattern. RSI is above 50, and the EMAs are very close to cross over.
I have labeled all of the major resistance and support levels at the 1 hour, 4 hour, and day trading charts. What I have found at the end is a bullish rectangle and I believe price will shoot up by the size of the rectangle (which is 348 pips) and that is where I am going to take profits. I have set my stop loss just below the bottom of the trend line at 0.98633,...
ABCD pattern has completed and I entered on a Short order with my SL being at the 4 Hour S&R line, just above the high. That is a approximately a 20 pip stop loss, also looking for more confluence, primarily a candle reversal pattern.
