Wave 3 showed a 1:1 extension, so I am targeting a 1:1 extension on the 5th wave.
Entry at Just above 3rd wave (1.8000)
SL should ideally be below 4th wave, in case this 5th wave fails.
But I am keeping SL just below the current consolidation zone (BLUE).
TP1 is just under - R:R = 0.68
TP2 is on further end of - R:R = 1.2
TP3 is targeting the 1:1 Extension - R:R = 1.73
I am sceptical about going long on this trade.
If this waves fails and does not retrace past wave 3, this may lead to a formation of a .
Thus, short opportunities are also labelled.
Entry is at just below wave 4 (Neck line of ).
SL is midway of the
TP1 is just above wave 1 (Also the 1:1 extension of the , VERTICAL BLUE LINES) - R:R = 1.23
TP2 is just above wave 2, which also between 0.5 and 0.618 Fib from wave 1 to top - R:R = 2.24
(I am an inexperienced student trading on a demo account and I am still learning. Please do not trade my set-ups on a live account. Any feedback is appreciated)
Position closed, hit Stop profit at 1.829 👍