I was looking for a similar setup to this earlier in the week but never got the retracement I desired. Now after consolidating and holding at the 1.0700 level, I may be given another opportunity to hop on this downward move.
Because I'm not a trend following trader, I need to be very specific with my entries to ensure that I get a good risk reward. So the further we push up into previous structure, the better the opportunity.
If you'd like to know more about my story and the steps I took to turn trading from a hobby to a career, check out the video I recorded of me speaking at yesterday's Leadership Workshop at Millersville University tradeempowered.com/i-got-lucky-on-purpose-live-periscope/
Traders , here is peak at how to use a 15 min Time frame when you have made your Analysis on a 240 min (4 hr ) by just using simple tools available like on my Chart being , RSI, Fib's and Channel's , this will also keep you out of taking that bad trade , What is of the outmost importance here is to be able to spot the Divergence s3.amazonaws.com/tradingview/m/Mt58Ahjv_171_121.png
johnmad
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cussler
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Thanks Akil. Just wondering if there is a potential Gartley forming on the 60 min if the X leg is taken on the 04:00 (11:00 GMT) bar? Learning as I go!!
thulasi
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This time u will see price will get there as wave 4 of wave 5 will go around that area and also will touch the trend line near 1.0889(it cant go beyond --well as per Elliot theory wave 4 cant overlap wave 1 area on an impulsive wave except on ending diagonal but this is an impulsive wave ) then will head south towards 1.068 or even towards 1.06
BuskEvansFX
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Stokes, how are things? Haven't spoken in a while. We have received information of a huge sell order at the 820 handle! TP targets of 1.500 before Xmas day.