woousdt short plan - 02.05.23
Updated
For a short here, I'm looking for breakdown of the trend line and a horizontal supports. First support is around the pink area, if it doesn't hold, I'll look for a breakdown if the trend line. The final step is a break of the horizontal support (orange line and then a retest finally.
Consulting the EWT theory, I can count 5 waves clearly, and can see the correction in play already((with wave A complete and no clear count for wave B&C, but B could be done as well and C is already in play, which is why I'll be considering other entry parameters, not sorely relying on the Elliott Waves.
.1907 will be my final tp, as for the rest I'd look use the fib along the way and the sl will be trailing. Initial sl .2768
For optimal entries, I'd prefer lower time frames.
entry triggers:
Trade safe and with due diligence!
Consulting the EWT theory, I can count 5 waves clearly, and can see the correction in play already((with wave A complete and no clear count for wave B&C, but B could be done as well and C is already in play, which is why I'll be considering other entry parameters, not sorely relying on the Elliott Waves.
.1907 will be my final tp, as for the rest I'd look use the fib along the way and the sl will be trailing. Initial sl .2768
For optimal entries, I'd prefer lower time frames.
entry triggers:
- clear formation of AB( shorting C)
- clear count of waves 1-5
- breakdown of trend line
- breakdown of horizontal support
- horizontal support flips resistance
Trade safe and with due diligence!
Note
waiting for the breakdown of the trend line before scalping wave CTrade active
I have a clear formation of waves A and B, C is at play, shorting it.taking a small position:
entry: .2620 - .2696
sl: .274
tp: .02487, .2296, .2182, .2054
Trade active
sl at betook partials
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.