First on the left I found a perfect Elliott Impulse with 5 points, it could of been traded with a buy stop at 0.236 and TP at -0.27 or TP2 at -0.618. After that there was to much consolidation until I got my second impulse, I used fibonacci to measure impulse placing 0.236 right below flag so I could trade at 0.618, this could of been traded with a Sell Limit a 0.618 or play it safe with a Sell Stop at 0.236, first TP at -0.27 and second TP at -0.618 (On Chart shows how many Pips). With this second impulse we can see how we can use Fibonacci another way, instead of measuring an entire impulse why not use Fibonacci to catch an impulse, right at -0.618 impulse was completed by measuring previous flag at 0.236.
Now on the right side im shorting following the trend thanks to some Support and Resistance, I expect some kind of consolidation between 0.5 - 0.618 retracements. - 4h Chart
Good Trading.
Now on the right side im shorting following the trend thanks to some Support and Resistance, I expect some kind of consolidation between 0.5 - 0.618 retracements. - 4h Chart
Good Trading.
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