Long

pullback and potential long trade setup

Updated

after watching closely this impulse (1 blue) higher probability to see a pullback printing corrective wave 2. this is a good opportunity to enter a long position where minimum target for a wave 3 is the 1.61% extension of wave 1. for this setup the stop loss is below the low/start of impulse, if the low it's taken this scenario will be invalidated.

target 27500/28000 usd, stop loss 24900 usd.

keep in mind this is not financial advise - just sharing my ideas.

Note

The price printed a pullback but it didn’t retrace deep enough for a wave 2, where normally we like to see a sharp zigzag structure 5-3-5. Well this is definitely not the case, the correction it’s taking very long time to complete and looks like a more complex structure w-x-y. I still expect the price to move down to grab liquidity around 25500/25700 usd for the continuation of the impulse towards upside.

Keep in mind, when wave 2 it’s long in time and complex we can expect wave 4 to be sharp move and deep correction.

We don’t read the future we read chart and react accordingly using probability, therefore this is not financial advice. Have a great day and thanks for reading

Note

In case of an expanding flat, C can be anything
between the 1.618 and 2.618 extension
from start of A to end of A to end of B. In
this case liquidity grab can be between
25500/24600 usd. If price retrace to
24600 usd the low it's taken and this
move will keep everyone out of guard.

This is a scenario to take in consideration
if we planning to open a long position.
Time will tell

Order cancelled

The price never retraced deep enough for
a wave 2, therefore I can't trust the
impulse to be a wave 1.

This bull scenario isn't invalidated yet, a
potential expanded flat scenario (like mentioned in the previous update) still on the table; however I don't feel confident with this current count and more time it takes to retrace, less are the probability to play out.

In my opinion it's time to consider the bear scenario which I'm going to share in a
new idea shortly.

I don't trade till all my entry requirements are matched.

What do you think about the current price
action? Feel free to share your thoughts down below

IQOUS

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