About meMy moto is - Let the markets come to you. I only trade charts with a very high possibility of profits. I use a combination of the Elliott Wave Principle, MACD, RSI, candlesticks and other technical indicators and have been trading for nearly 2 years.
It seems as though the 5th wave is forming here (on a daily time scale) so I think it is a good time to start laddering a short position.
My entry is between 1800 and 1880 with a stop loss at 1931.
I have taken this trade and have put real money in, so best of luck to anyone else who takes this one, any questions and would be happy to answer!
This ended with an ending 5th wave diagonal which means that I can put in a tight stop loss at the place where wave 5 of 5 becomes longer than wave 3 of 5. The reason why I can do this is that wave 3 cannot be the shortest, so at the price where wave 3 becomes the shortest, this is where I have put my stop loss.
The take profit is between the 0.236 and 0.382...
I have already entered this trade with an entry price of 5475.7.
My stop loss is at 5560.4
Take profit is 5361.3
The risk to reward ratio = 1.351
I am about 70% confident with this trade, so I have lowered my risk a bit on this, and if the price does drop to my take profit I will go long from around the price of 5360, so keep an eye out for that analysis.
I have already entered this trade a bit earlier, so I apologize for the late publication.
The risk to reward ratio is not very good on this trade, so I would not recommend taking it now.
I have published the idea so I can look back on the trades I took to learn from any that did not go the way I wanted to.
My entry was at 5482
Stop-loss is at 5563
Take profit is...
It looks like we are now making the 5th and final wave. I have set limit buy orders between a range calculated by multiplying the length of wave 1 by 1 and 1.618 and this is my buy zone.
The RSI and MACD already look very bullish on the 4-hour chart, so the price may not even reach this zone, but if it does, I will be ready to catch it.
Action: Set limit buy...
As shown in my last post, I am long as I hope to ride wave 4 upwards to around $8200.
I believe it is highly likely that the price will eventually reach the resistance at around $8200, reverse, and then drop to form the final 5th wave.
The profit target is derived by using the fib extension tool to measure the length of wave 1 (on the largest scale) and taking...
Action: Buy at market price (I am in at $7842.9)
Stop Loss: $7556.8
Take Profit: roughly $8200 (The 0.236 retracement of all (5) waves)
Order valid: 2 hours from publication
Not Financial Advice
This 5th wave is extended and is over 1.618* wave (1), so it is a highly risky option to go long now. However, there is a strong signal from RSI and MACD that...
Waiting for the 5th wave to come down here, there is potential for further down movement through the stop loss but I think that the buying pressure due to the bullish RSI and MACD divergence will hold the price up.
The profit target is derived by taking the Fibonacci retracement of all (5) waves and I am only targeting a 0.236 retracement.
Best of luck and I am...
Blue wave (3) was almost 1.618* the length of wave 1, so we could get a wave (5) down next after a bounce for blue wave (4).
Because wave (3) was extended, wave (5) is usually the same length as wave (1) or should be at least 0.618 the length of wave (1).
As I am expecting a bounce for wave (4) I have set my box of sell orders to trigger my position.