Euro / U.S. DollarUpdated LONG & Short opportunities on EURUSD
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
TP2 is on further end of resistance zone - R:R = 1.2
TP3 is targeting the 1:1 Extension - R:R = 1.73
I am sceptical about going long on this trade.
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If this waves fails and does not retrace past wave 3, this may lead to a formation of a double top.
Thus, short opportunities are also labelled.
Entry is at just below wave 4 (Neck line of double top).
SL is midway of the double top
TP1 is just above wave 1 (Also the 1:1 extension of the double top, VERTICAL BLUE LINES) - R:R = 1.23
TP2 is just above wave 2, which also between 0.5 and 0.618 Fib from wave 1 to top - R:R = 2.24
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(I am an inexperienced student trading on a demo account and I am still learning. Please do not trade my set-ups on a live account. Any feedback is appreciated)
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
TP2 is on further end of resistance zone - R:R = 1.2
TP3 is targeting the 1:1 Extension - R:R = 1.73
I am sceptical about going long on this trade.
-----
If this waves fails and does not retrace past wave 3, this may lead to a formation of a double top.
Thus, short opportunities are also labelled.
Entry is at just below wave 4 (Neck line of double top).
SL is midway of the double top
TP1 is just above wave 1 (Also the 1:1 extension of the double top, VERTICAL BLUE LINES) - R:R = 1.23
TP2 is just above wave 2, which also between 0.5 and 0.618 Fib from wave 1 to top - R:R = 2.24
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(I am an inexperienced student trading on a demo account and I am still learning. Please do not trade my set-ups on a live account. Any feedback is appreciated)
Note
TP 1 and 2 hit.Position closed, hit Stop profit at 1.829 👍
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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.