Here we have 100-300 pips of profit to make on a SELL. Aim for $1.3800 and lock profits along the way as shown in graph
Techniques
Elliot Wave, Confluence, Head and Shoulders, Trendline, Fibonacci extension and retracement
Analysis
1. Trendline - In a downtrend as Price was broken by the blue upward trendline and hit support at $1.3919
2. Elliot Wave - Waves 1-5 and A are thus complete.
3. Head and Shoulders - After hitting the support at $1.3919, Price looks to be attempting a H&S formation. I anticipate a retracement before deeper downtrend continuation
Trade Setup
1. SELL after retracement to $1.4090/ Right Shoulder/Wave B.
Sell entry- $1.4090 [Wait for price action to hit the confluence zone/right shoulder/Wave B
SL - $1.4160
TP- $1.3800 . This is a strong support zone and fib extension 1.272%
2. SELL NOW
Sell entry - now
SL - Above $1.4150
TP $1.3800. This is a strong support zone and Fib extension 1.272%
If you want to buy to the confluence area
Buy entry - now
SL - $1.3900
TP - $1.4090.
Techniques
Elliot Wave, Confluence, Head and Shoulders, Trendline, Fibonacci extension and retracement
Analysis
1. Trendline - In a downtrend as Price was broken by the blue upward trendline and hit support at $1.3919
2. Elliot Wave - Waves 1-5 and A are thus complete.
3. Head and Shoulders - After hitting the support at $1.3919, Price looks to be attempting a H&S formation. I anticipate a retracement before deeper downtrend continuation
Trade Setup
1. SELL after retracement to $1.4090/ Right Shoulder/Wave B.
Sell entry- $1.4090 [Wait for price action to hit the confluence zone/right shoulder/Wave B
SL - $1.4160
TP- $1.3800 . This is a strong support zone and fib extension 1.272%
2. SELL NOW
Sell entry - now
SL - Above $1.4150
TP $1.3800. This is a strong support zone and Fib extension 1.272%
If you want to buy to the confluence area
Buy entry - now
SL - $1.3900
TP - $1.4090.
İşlem kapandı: hedefe ulaştı