5th wave - Long Swing Trade on Euro Yen
Reasons to Enter Long:
- Elliot Wave count says ABC Correction could possibly be finished and wave 5 is about to start
- Doji Candlestick at 0.618 Fib
- Rejection at Wave 1 Support.
- RSI Support is Holding at 40 (Brown's RSI Rule says uptrend is still valid)
Reasons Not to enter Long:
- Major Support is broken and may be retesting
- Up trending Channel support is broken and may be restesting
Targets:
TP1 - Wave 3 High and Major support
TP2 - 1:1 Fib extension
Risk:
Below wave 1 Resistance - 70 Pips
If SL is triggered, I will go short down to next support
- Elliot Wave count says ABC Correction could possibly be finished and wave 5 is about to start
- Doji Candlestick at 0.618 Fib
- Rejection at Wave 1 Support.
- RSI Support is Holding at 40 (Brown's RSI Rule says uptrend is still valid)
Reasons Not to enter Long:
- Major Support is broken and may be retesting
- Up trending Channel support is broken and may be restesting
Targets:
TP1 - Wave 3 High and Major support
TP2 - 1:1 Fib extension
Risk:
Below wave 1 Resistance - 70 Pips
If SL is triggered, I will go short down to next support
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.