Candle Pattern: Evening Star Trend: down Trend Entry: with
TP/SL Ratio Target: 2 to 1 Target TP PIPs: 40 SL PIPS: 20
Fib Entry: .764 Fib TP: .236 Stochastic: over-bought MACD Histogram: contracting down 200SMA: above Inside EMA/SMA zone: no BB: top Pivot Point: R1 && R2
Elliot Wave: 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
Notes:
morning star formed around the 618 fib retracement. I set my entry at the .764 above the morning star.
stochastic showing overbought and second wave into the overbought zone. macd 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 elliot wave 5 and blow past wave 3 last high point, at which point I would get stopped out.
Dagangan ditutup: hentian tercapai
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price went for the elliot wave 5. SL hit within 2 hours