Friday 3 February 2017 @ 0145 – A clear uptrend on the weekly with Waves 1, 2, 3 and 4 formed. Wave 5 upcoming.
150 and 200 SMA providing the TAZ on the daily timeframe. Wave 1 of the fifth wave has bounced out off the TAZ and Wave 2 has re-entered for a long opportunity.
As seen on the 4H timeframe, Wave 1 with a Wave 2 pullback. A large bullish candle might precede a flag pattern.
If consolidation occurs over the next few candles or so on the 4H a stop buy could be placed with stop loss below the consolidation flag.
More updates in the future.
Friday 3 February 2017 @ 1545A more objective trigger could be within the 2575SMA TAZ on the 1H chart.
Did I just miss the entry…..
Entered at market when it opened. I realised spreads are very high. About more than 3 times than what they normally are. Potential 4.7R trade, 1% of capital risked. Might have been a bit late if referring to the 4H or 1H. But perfectly fine on the daily.
Psychology and emotions – Neutral. Haven’t slept the whole night. It’s 5 am in the morning on a Monday.
Entry: 0.86444 | Stop loss: 0.857 | Target Profit: 0.9
Referring to the 1H, entry was late. And then now it might be considered too early. If I had waited, would have gotten a better price and 4 times cheaper spread.
Stopped out. Classified as a bad trade definitely.