Looks like a possible Elliot Correction Wave (ABC) setup.
Enter with bearish confirmation at B. TP is C. SL above 5.
Enter with bearish confirmation at B. TP is C. SL above 5.
Comment:
Looks like we are approaching B. Going to have to keep an eye on it for the next few hours :)
Comment:
Price is at resistance and still below wave 5. Keeping a lookout for a bearish 1H candle to form.
Trade active:
Entered at 1H MACD cross down
Comment:
SL = 107.1
TP1 = 105.2
TP2 = 104.73
TP1 = 105.2
TP2 = 104.73
Comment:
This Wave Analysis is invalid now.
I have moved my SL and TP to match the rising channel.
SL = 106.5
TP = 105.3
I have moved my SL and TP to match the rising channel.
SL = 106.5
TP = 105.3
Trade closed: stop reached