CADJPY 15M showrt | Evening Star
ORDER OPENED OVERNIGHT
Candle Pattern: Morning star
Trend: up
Trend Entry: against
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: 1
Stochastic: over-bought
MACD: Bullish turning bearing
200SMA: above
BB: n/a
Pivot Point: pivot && R1
Elliot Wave:
Correction Phase
Wave A completed, looking for B point shy of wave 5, then make a downside move
Notes:
morning star formed at the brown SMA. Entry placed at the high of the star which is equal to the fib .764 and SL extends past swing high
stochastic was oversold at the time of entry, looking for stochastic to go overbought around the 764 level then sell off
macd is showing a bearsh move to the downside
What can go wrong:
could establish a new wave 5 high.
Candle Pattern: Morning star
Trend: up
Trend Entry: against
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: 1
Stochastic: over-bought
MACD: Bullish turning bearing
200SMA: above
BB: n/a
Pivot Point: pivot && R1
Elliot Wave:
Correction Phase
Wave A completed, looking for B point shy of wave 5, then make a downside move
Notes:
morning star formed at the brown SMA. Entry placed at the high of the star which is equal to the fib .764 and SL extends past swing high
stochastic was oversold at the time of entry, looking for stochastic to go overbought around the 764 level then sell off
macd is showing a bearsh move to the downside
What can go wrong:
could establish a new wave 5 high.
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