Candle Pattern: Morning Star
Trend: down
Trend Entry: against
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .382
Stochastic: over-sold
MACD Histogram: contracting down
200SMA: below
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot && S1
Elliot Wave:
Possibly completion of wave 2 for a move to the upside
Looking for a long term upside to validate wave 3
Notes:
Evening star formed below 764 fib retracement of last swing low.
stochastic showing oversold, second dip to the low and moving above the 20
macd showing low momentum to the down side
What can go wrong:
if price dips bewlow the last swing it will invalid a new uptrend elliot wave and many
either its another ABC correction or the formation of an elliot wave to the downside instead
going against the trend which breaks a rule of mine, however there is strong reason to believe an upside move considering the elliot wave and 1HR at the 200sma
Trend: down
Trend Entry: against
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .382
Stochastic: over-sold
MACD Histogram: contracting down
200SMA: below
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot && S1
Elliot Wave:
Possibly completion of wave 2 for a move to the upside
Looking for a long term upside to validate wave 3
Notes:
Evening star formed below 764 fib retracement of last swing low.
stochastic showing oversold, second dip to the low and moving above the 20
macd showing low momentum to the down side
What can go wrong:
if price dips bewlow the last swing it will invalid a new uptrend elliot wave and many
either its another ABC correction or the formation of an elliot wave to the downside instead
going against the trend which breaks a rule of mine, however there is strong reason to believe an upside move considering the elliot wave and 1HR at the 200sma