NB FOR ELLIOT WAVE TRADERS ONLY
As you can see I believe the low of this past week was the end of wave 3 and that wave A of the correction lasted the duration of Friday, now I'm waiting for wave B to complete in the 61.8% Fibonacci retracement of A (around 1.25000) where I will take two trades:
* 2. in the belief that if wave B travels further than 61.8% of A, I have a stop loss to take this into consideration and to increase the risk-to-reward ratio placing our take profit where wave C terminates at 50% of wave 3 (Around 1.27500) then moving the stop loss once it has reached 38.2% of wave 3
Please feel free to share your opinion and ideas (with regards to Elliot waves)
As you can see I believe the low of this past week was the end of wave 3 and that wave A of the correction lasted the duration of Friday, now I'm waiting for wave B to complete in the 61.8% Fibonacci retracement of A (around 1.25000) where I will take two trades:
* 2. in the belief that if wave B travels further than 61.8% of A, I have a stop loss to take this into consideration and to increase the risk-to-reward ratio placing our take profit where wave C terminates at 50% of wave 3 (Around 1.27500) then moving the stop loss once it has reached 38.2% of wave 3
Please feel free to share your opinion and ideas (with regards to Elliot waves)
Note
Wave (a) of B completeNote
Wave (b) of B complete, wave (c) near completionTrade active
I believe wave (c) ended at the 50% fib around 2500, I am long from 1.2520Note
I was a bit early but trades is running wellTrade closed manually
Trade closed at 1.25400, rules were violated indicating further downside
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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.