Monthly & Weekly, Failed to break resistance. Looking for shorts
Daily failed to break November highs. Many targets for TP.
4H MA's downtrend has begun. Looking for entry at another touch of 1.0036 level
Slight Pullback at resistance
Descending triangle on 4H
At 0.5 - 0.618 Fib
No clean break through resistance yet
Leaning towards the bearish side, to complete the Descending triangle
Waiting for confirmation of bounce at support and breakout of down-trending channel
Targets are next at next resistances and labelled in chart
Stops Losses outside the triangle
TP1 - R:R - 1.07
TP2 - R:R - 1.86
Thanks for reading, Any feedback is appreciated
- Uptrend since 30th May
- Still a 5th wave remaining according to Elliot Wave
- Wave 4 bounced at 0.5 Fib, Wave 1 Resistance & Trend line Support
- Target is 1:1 extension for the 5th Wave
- SL is below Major Resistance
- R:R = 2.23
- Major resistance at 1.1820 - 1.840
- Downtrend since 19th Apr
Also, possible H&S formation if price reaches...
Impulse wave possibly completed, correction to follow.
Entry is just below current consolidation zone - 1.1812
SL is just above 5th wave - 1.8415
TP1 - 0.382 Fib & wave 4 Resistance zone - R:R = 1.51
TP2 - 0.5 Fib and start of major Resistance zone (GREEN BOX) - R:R = 2.24
TP3 - 0.618 Fib and wave 1 resistance - R:R 2.82
On the bullish side, possible sub...
Possible 5th wave left on the this short-term uptrend
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 resistance zone - R:R = 0.68
Market is a long term downtrend.
On 1H chart:
Price is at a reversal zone.
4 touch at Resistance zone = Strong Resistance
1st Set up - R:R = 2.58 - 61 Pips Potential Profit
2nd Set up (Confirmation on Reversal) - R:R = 1.19 - 49 Pip Potential Profit
Stop Losses placed just above Resistance zone
Currently at no trade zone as price is at strong trend line support (BLUE LINE) and strong reversal zone (RED).
Entries at just above or below the reversal zone.
SL's at the other side of the reversal zone
Long Opportunities - R:R = 1.61
Short Opportunities - R:R = 1.54 & 2.5
RSI and BB on the Daily indicate Reversal to the upside.
Have patience and wait for...