Candle Pattern: Evening 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
200SMA: above
BB: n/a
Pivot Point: R2
Elliot Wave:
Possibly Elliot wave 2
Looking for next swing high to fall short of previous swing high then make a move for wave 3 to the downside
Notes:
Evening star triggered entry at the .764 fib level of previous swing high. Entry placed 10 pips of current swing high
200SMA is starting to show possible turnover to the downside. Looking for a retest of the last swing high before making a move to the downside
stochastic showing over-bought at time of entry
macd is showing bullish strength, however we are seeing some divergence to the downside
What can go wrong:
could make a new wave 5 instead
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
200SMA: above
BB: n/a
Pivot Point: R2
Elliot Wave:
Possibly Elliot wave 2
Looking for next swing high to fall short of previous swing high then make a move for wave 3 to the downside
Notes:
Evening star triggered entry at the .764 fib level of previous swing high. Entry placed 10 pips of current swing high
200SMA is starting to show possible turnover to the downside. Looking for a retest of the last swing high before making a move to the downside
stochastic showing over-bought at time of entry
macd is showing bullish strength, however we are seeing some divergence to the downside
What can go wrong:
could make a new wave 5 instead