First on the left side we can see a pullback on a impulse, measure impulse placing 0.236 right below pullback and sell limit at 0.5 or Sell Stop at 0.236, you can see there's a tiny wick, but price respected 0.5 retracement and went straight down to -0.27
After that there was a big consolidation that I traded on 1h and 15min Charts (Il'l update this idea publishing those trades)
So when I saw at the end of the consolidation that it made a retest on previous support I decided to trade up trend, you can see a perfect Impulse been completed by some confirmations:
-0-1 and 4-5 have the same distance
-1 and 4 don't overlap
-Perfect flags on each retracement, even at first TP -0.27
This Impulse has a perfect flag demonstration between 1-2, where retracements 0.236 and 0.5 respected exactly as previous pullback, as always you can trade this with a buy limit at 0.5 or play it safe with a buy stop at 0.236, take profits are at -0.27 and -0.618 where impulse was completed. (How many Pips in chart)
Respecting Wave Analysis after an Impulse there's some type of consolidation. so we can expect some kind of ABCs happening or any different consolidation, also confirms some future retracement, it has to break that trend.
An entire impulse inside a consolidation thanks to Fibonacci and some technical analysis, look how it reached exactly -0.618, retested and turned.
Let's say I didn't saw any of this analysis when it happen, I could of just done some Support and Resistance and sell right on top where C is - 1h Chart
-find a double floor or a double top (on this case double floor)
-follow impulse with Fibonacci until retracement
-place sell limit or buy limit at 0.618 retracement (on this case buy limit)
-first TP at 0 retracement
-second TP at -0.27 (on this case -0.27 wasn`t reached)
Double floor + 0.618 = 2618
Thanks to MACD I saw divergence on charts and thats how I knew a bearish impulse was about to happen. 1h CHart
Of course and Ending Channel can be traded while its forming, but an Ending Channel always goes back to where it started, so when I saw 4 points been completed and resisting trendlines I knew I had to place a sell limit or sell by market at point 5 that's how I got that bearish impulse ending right on previous support where it all started, plus MACD showed divergence (Ending Channel take profits are between 0.786 and 0.886 retracements). - 1h Chart
Amazingly there's another Ending Channel in 5 min chart been completed between points 3 and 4!
- 5 clear points
- 1 and 4 at same price
- 0 to 1 same distance as 4 to 5
I measured first flag by placing 0.236 at top (point 1) and we can see point 2 is right at 0.618, this could of been traded with a buy limit at 0.618 or play it safe with a buy stop at 0.236 (how many pips on chart).
Also confirmed with some Support and Resistance, even on MACD. - 1h Chart
Used some Support and Resistance to confirm each area, even on MACD. - 1h Chart
Well look at that a perfect flag between 0.236 and 0.5 retracements been completed, first resistance at -0.27 and impulse was completed at -0.618, where -0.618 made retest for major Elliott Impulse on 4h Chart. - 1h Chart
At this point consolidation has ended and I showed how I do scalping. Good Trading.
We can see it broke resistance and went bullish for a moment, but resisted between 1.272 - 1.414 measured by Trend-Based Fib Extension and went bearish, for now I expect price to go down trend reaching one of the retracements from fibonacci measurement.
Used some Support and Resistance to confirm prices and observe future points of interest, even on MACD. - 4h Chart