Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .236
Histogram: contracting down
Inside EMA/SMA zone: no
Point: R1 && R2
looks like the start of wave 5 in the uptrend. Hourly starting to show overbought.
Im looking for a retracement down before completing the final leg to the upside above wave 3 on the hourly
formed around the 618 fib retracement. I set my entry at the .764 above the .
showing overbought and second wave into the overbought zone.
still showing decrease in upside momentum
What can go wrong:
SL set just above wave 3 last high and price could end up going straight for the completion of 5 and blow past wave 3 last high point, at which point I would get stopped out.
SL hit within 2 hours