EURCHF 15M long | pending overnight entry

20 mar 2018

pending overnight entry. Will update notes if order is opened

20 mar 2018

Trade attivo

EURCHF 15M long | morning Star Pattern

Candle Pattern: morning Star
Trend: up
Trend Entry: with

TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20

Fib Entry: .764
Fib TP: 1.0
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: below
BB: n/a
Pivot Point: S1

Elliot Wave:
elliot wave 3 in the works. Looking for wave 3 new high so we can have a wave 4 that doesnt entry wave 1 zone



Notes:

morning star formed around the .764 level and the R1 pivot point

stochastic showing oversold
macd histogram showing momentum slowing to the downside. mutiple crossovers happening


TP Goal around 40 pips but will let it ride as far as possible to point A

What can go wrong:
the current downside move has broken wave 1 zone, indicating that this is not the official wave 3 high and wave 4 low.
Current retracement could continue to go lower and blow past SL before turning upside to continue wave 3.