USDJPY 15M long | Morning Star

ORDER OPENED OVERNIGHT ENTRY

Candle Pattern: Morning star
Trend: up
Trend Entry: with

TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20

Fib Entry: .618
Fib TP: .236
Stochastic: over-sold
MACD: bearish
200SMA: above
BB: n/a
Pivot Point: pivot

Elliot Wave:
Wave 3 completed
Currently on wave 4 to the downside.



Notes:

morning star formed at the green SMA. Entry placed at the low of the star which is equal to the fib .618, todays pivot and shy of the 200 sma

stochastic was oversold at the time of the star. Looking for retest of the star before moving up.

macd is brearish but showing some bullish upside



What can go wrong:
wave 4 could continue to make a new low