FIL / TetherUSLong
Trading Idea: FIL/USDT on 2H Timeframe
Elliott Wave Analysis:
On the 2H timeframe, Wave 4 has completed, as indicated by a retracement to a demand zone, respecting typical Elliott Wave guidelines (commonly a 38.2%-50% retracement of Wave 3).
Wave 5 is now expected to push prices higher, completing the impulsive structure of Wave (3).
The projected targets for Wave 5 align with Fibonacci extensions and prior resistance levels.
Trade Plan:
Entry:
Enter long at the current price level (~5.70), as the market begins its Wave 5 rally.
Confirmation of Wave 5 could include a breakout above the local high (~6.13), signaling bullish momentum.
Stop Loss:
Place a stop loss below the low of Wave 4 (~5.15), as a break below this level invalidates the wave count.
Targets:
First Target (T1): 6.60 — Completion of Wave 5 based on Fibonacci extensions of Wave (3).
Second Target (T2): 7.38 — A higher extension level if Wave 5 extends further.
RRR is approximately 3:1, providing a strong risk-reward profile.
Invalidation:
If the price breaks below the Wave 4 low (~5.15), the Elliott Wave count may be invalid, signaling a potential reversal or deeper correction. then we cancel the trade
Trade Management Note:
As Wave 5 progresses, partial profit-taking at key levels (e.g., 6.60) is recommended while trailing the stop loss to lock in gains.
Remember!
"Successful trading is about planning your trade and trading your plan. Stick to the strategy, trust the analysis, and let the probabilities work in your favor. Consistency and discipline pave the way to trading success."
If you found this analysis helpful, follow for more trading ideas and share this post to boost it to others who might benefit. Together, we grow as traders!
Disclaimer:
This trading idea is for educational purposes only and does not constitute financial advice. Always perform your own analysis and consult with a licensed financial advisor before trading. Trading involves significant risk, and you may lose more than your initial investment.
On the 2H timeframe, Wave 4 has completed, as indicated by a retracement to a demand zone, respecting typical Elliott Wave guidelines (commonly a 38.2%-50% retracement of Wave 3).
Wave 5 is now expected to push prices higher, completing the impulsive structure of Wave (3).
The projected targets for Wave 5 align with Fibonacci extensions and prior resistance levels.
Trade Plan:
Entry:
Enter long at the current price level (~5.70), as the market begins its Wave 5 rally.
Confirmation of Wave 5 could include a breakout above the local high (~6.13), signaling bullish momentum.
Stop Loss:
Place a stop loss below the low of Wave 4 (~5.15), as a break below this level invalidates the wave count.
Targets:
First Target (T1): 6.60 — Completion of Wave 5 based on Fibonacci extensions of Wave (3).
Second Target (T2): 7.38 — A higher extension level if Wave 5 extends further.
RRR is approximately 3:1, providing a strong risk-reward profile.
Invalidation:
If the price breaks below the Wave 4 low (~5.15), the Elliott Wave count may be invalid, signaling a potential reversal or deeper correction. then we cancel the trade
Trade Management Note:
As Wave 5 progresses, partial profit-taking at key levels (e.g., 6.60) is recommended while trailing the stop loss to lock in gains.
Remember!
"Successful trading is about planning your trade and trading your plan. Stick to the strategy, trust the analysis, and let the probabilities work in your favor. Consistency and discipline pave the way to trading success."
If you found this analysis helpful, follow for more trading ideas and share this post to boost it to others who might benefit. Together, we grow as traders!
Disclaimer:
This trading idea is for educational purposes only and does not constitute financial advice. Always perform your own analysis and consult with a licensed financial advisor before trading. Trading involves significant risk, and you may lose more than your initial investment.
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.