entry triggers:
entry: red box
sl: 6.449
lev: 10x and below
Trade safe and due diligence is advised as always!
Analysis
The reason for this trade is simple. I recognized a minutte motive 1 - 5 and upon further confirmations, sub-waves with the same structure were observed from lower time-frames and hence confirming the bias for the correction. Next was waiting for waves a and b to fully develop with the idea to short c, which is what this trade is about. By grabbing a fib extension I got an estimate of where wave c is likely to terminate(the orange line). The stop-loss is slightly above the red-box to accommodate slight pumps and use them as dca points, otherwise going beyond the stop-loss marks a critical point and will look for another entry slightly lower that b, else if we break beyond wave b, chances are the analysis is flawed.
- - Motive 1-5
- - volume expansion
- - bearish rsi
- - breakdown
- - abc developing
entry: red box
sl: 6.449
lev: 10x and below
- tp 1: 6.127
- tp 2: 6.057
- tp 3: 6.001
- tp 4: 5.944
- tp 5: 5.863
- tp 6: 5.761
Trade safe and due diligence is advised as always!
Analysis
The reason for this trade is simple. I recognized a minutte motive 1 - 5 and upon further confirmations, sub-waves with the same structure were observed from lower time-frames and hence confirming the bias for the correction. Next was waiting for waves a and b to fully develop with the idea to short c, which is what this trade is about. By grabbing a fib extension I got an estimate of where wave c is likely to terminate(the orange line). The stop-loss is slightly above the red-box to accommodate slight pumps and use them as dca points, otherwise going beyond the stop-loss marks a critical point and will look for another entry slightly lower that b, else if we break beyond wave b, chances are the analysis is flawed.
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.
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.