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: 1
Fib TP: .50
Stochastic: over-bought
MACD Histogram: contracting down
200SMA: above
BB: n/a
Pivot Point: r5+
Elliot Wave:
possibly the completion of an elliot wave to the downside and currently at point A of the ABC correction.
Looking for a small downside move for point B before we see an upside move for point C
Notes:
evening star formed around the .764 level and another at the 1.0 fib of the last swing high.
stochastic showing oversold with a double entry to the over-bought zone.
macd histogram showing momentum slowing to the upside. Crossover hasnt happened yet, so my entry might be a bit premature
TP Goal around 40 pips but will let it ride down as far as possible
What can go wrong:
might be a trend reversal to the upside and might not see enough of a downside move to be profitable. I will need to consider taking a break even at the earliest opportunity in case we see a further strong push to the upside.
Trend: down
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: 1
Fib TP: .50
Stochastic: over-bought
MACD Histogram: contracting down
200SMA: above
BB: n/a
Pivot Point: r5+
Elliot Wave:
possibly the completion of an elliot wave to the downside and currently at point A of the ABC correction.
Looking for a small downside move for point B before we see an upside move for point C
Notes:
evening star formed around the .764 level and another at the 1.0 fib of the last swing high.
stochastic showing oversold with a double entry to the over-bought zone.
macd histogram showing momentum slowing to the upside. Crossover hasnt happened yet, so my entry might be a bit premature
TP Goal around 40 pips but will let it ride down as far as possible
What can go wrong:
might be a trend reversal to the upside and might not see enough of a downside move to be profitable. I will need to consider taking a break even at the earliest opportunity in case we see a further strong push to the upside.