This could fall in 5 impulsive EW pattern:
- wave 2 pulled back to 0.618 - 0.768 area of wave 1
- wave 3 reached just above 1.618 of wave 1
- wave 4 pulled back to just over 0.382 of wave 3
- we have RSI divergence between waves 3 and 5
Now correction should follow and then trend continuation. So trade idea is like:
- entry around point 4 (most corrections are to this area) with tight stop loss
- is stop loss will get triggered, new entry around 0.618 pullback of the whole EW range with stop loss bellow point 2
All entries and stop losses are drawn on chart.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
- wave 2 pulled back to 0.618 - 0.768 area of wave 1
- wave 3 reached just above 1.618 of wave 1
- wave 4 pulled back to just over 0.382 of wave 3
- we have RSI divergence between waves 3 and 5
Now correction should follow and then trend continuation. So trade idea is like:
- entry around point 4 (most corrections are to this area) with tight stop loss
- is stop loss will get triggered, new entry around 0.618 pullback of the whole EW range with stop loss bellow point 2
All entries and stop losses are drawn on chart.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Note
REP got rejected at 1.272 level of wave 5 (if it was wave 5) and is heading south. Will watch it how low it will go, but for now trade setup remains the same.Order cancelled
Too long sideways, I don't like it anymore.
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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.