Breaking up the contracting triangle, I am seeing more clearly how this complex structure developed.
I am looking at the last impulse up as the (W)-wave with the correction making a (X)-wave down, the (Y)-wave making its own structure that then broke the triangle (but not yet completed the (Y)-wave.
This does not mean blindly entering a trade on the breakout, I will have to wait for a flag to prove it is valid.
I am looking at a risky entry order at the 38.2% FIB level @ 1.2470, I will use a low % of my account on this order, and I will also put an entry order @ 61.8% FIB @ 1.2436 for when it decides to make a bigger correction before going up to complete the z-wave and the (Y)-wave at the top
I am looking at the last impulse up as the (W)-wave with the correction making a (X)-wave down, the (Y)-wave making its own structure that then broke the triangle (but not yet completed the (Y)-wave.
This does not mean blindly entering a trade on the breakout, I will have to wait for a flag to prove it is valid.
I am looking at a risky entry order at the 38.2% FIB level @ 1.2470, I will use a low % of my account on this order, and I will also put an entry order @ 61.8% FIB @ 1.2436 for when it decides to make a bigger correction before going up to complete the z-wave and the (Y)-wave at the top
Trade active
Trade got tagged in on the entry order @ the 38.2% FIBTrade active
Trade got triggered on the 61.8% FIBNote
News in 25 min, let's see if price breaks the top of the y-waveNote
Looks like price is ready to go!!Note
Moving Stop to entry level, for risk free trade.Trade closed: target reached
Target reached and trade closed
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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.