The targets for the break of the previous channel (sent to our students) were hit perfectly, before we saw a retrace back down. The beautiful thing about the retracement is that it appears to have moved directly into a new descending channel.
I think we are likely to see a little more of a dip before this pair moves away, but i for sure will be looking for longs...
The count I have for XLM has us already done with the wave one and potentially working on the 1/2 of the A.
Its always possible that I have miss read the subdivision of the final 5 and we get another move up but we are close to a top here ether way.
I recommend if you go short here to use a stop above the high. its better to take a small loss and re-enter, than...
So this is the count I'm going with for now but there's certainly alternate counts, so if i do get a chance to short ill be keeping it small.
The real trade here is to wait and see if we can get down to my buy zone. if we do then we have a great candidate for a larger degree 1/2.
Upon analysing every degree, something was common. And it was that the next wave is upwards. The fashion or the type of wave it is going to create is not that important to me just yet, as I am aware that it is forming an impulse wave overall in the 1 Hr time frame. I believe in the 1 hr, it is completing its second wave and entering into a strong third wave, and...
impulsed down from 3 touch ascending, bear flag continuation to head lower. filtered o the 15M set order on the break of the mini ascending within the flag, just got triggered in so i'm live in this position. no no BS here lets see how it plays out
broke the daily double top then price retraced instead of heading for the outer structure, currently creating a bear flag to head lower looking for the 3rd touch of the flag before entering short. if we trickle to the 3rd touch of the flag then risk entry and if this trade commits ill be looking to hod it long term at leas t to the low of the pattern
3 touch expanding continuation, ascending within ascending, risk entry anticipating the next impulsive phase. if i wasn't in another trade i would set the order as it is but it is what it is. also we are approaching daily close time where the spreads are high.
I've tried my best to analyse this chart as much as i can so all of you, no matter of your trading ability, can understand 💯
So what i used was the Fibonacci Retracement tool to give me a good support and resistance line to use as i noticed there was strong impulses (Strong moves) going up then once after the impulses a retracement (Pull back) was occurring...
a clear 3 touch large bear flag. on the 3rd touch we impulsed down and created a bear flag continuation, which can be seen more clearly on the 15M chart, set order below the mini bear flag after we created the second bottom of the flag. move to break even once we impulsed away and are about 1% in profit