Candle Pattern: Evening Star
Trend: down
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .382
Stochastic: over-bought
MACD Histogram: contracting down
200SMA: below at the time
Inside EMA/SMA zone: no
BB: top
Pivot Point: R1
Elliot Wave:
currently in the wave 4 correction zone. I see further downside to reach closer to wave 1 zone before making its final push upside to complete wave 5
Notes:
Late post, Entry made overnight. Already in profit at posting.
at 1am placed an entry above the fib .764 level where my 20 pip sl would overlap the recent swing high. Price was still around the low point of the last swing low. I placed the entry in hopes price goes to the 764 level and continues the downside trend.
evening star formed around the 764 fib retracement jut breaking the 200 sma.
stochastic showed overbought with several repushes into the overbought zone before it reversed
macd histogram showed momentum slowing to the upside as the evening star high was retested
TP Goal around 40 pips
What can go wrong:
its possible we wont see further drop to retest the wave 1 high and we just blow past to wave 5 and create a new high
Trend: down
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: .382
Stochastic: over-bought
MACD Histogram: contracting down
200SMA: below at the time
Inside EMA/SMA zone: no
BB: top
Pivot Point: R1
Elliot Wave:
currently in the wave 4 correction zone. I see further downside to reach closer to wave 1 zone before making its final push upside to complete wave 5
Notes:
Late post, Entry made overnight. Already in profit at posting.
at 1am placed an entry above the fib .764 level where my 20 pip sl would overlap the recent swing high. Price was still around the low point of the last swing low. I placed the entry in hopes price goes to the 764 level and continues the downside trend.
evening star formed around the 764 fib retracement jut breaking the 200 sma.
stochastic showed overbought with several repushes into the overbought zone before it reversed
macd histogram showed momentum slowing to the upside as the evening star high was retested
TP Goal around 40 pips
What can go wrong:
its possible we wont see further drop to retest the wave 1 high and we just blow past to wave 5 and create a new high