Simple trade based on EW count and S/R structure
My EW count shows that the wave 5 on the 4h is near completion (nice ending diagonal forming) at an important resistance level (which shows nicely on the daily chart). I will look to short this pair according the ROE presented on the chart, looking for previous resistance levels for target 1 & 2.
SL is shallow, because an other important structure level is right above and there is a chance for the PA to be attracted to that one. So if I will be stopped out I will look to reenter at a higher level.
THIS IS A RISKY TRADE, SO BE CAREFUL AND HAVE A GOOD MM AND TRADE MANAGEMENT ONCE YOU'RE IN THIS!!!
SL is shallow, because an other important structure level is right above and there is a chance for the PA to be attracted to that one. So if I will be stopped out I will look to reenter at a higher level.
THIS IS A RISKY TRADE, SO BE CAREFUL AND HAVE A GOOD MM AND TRADE MANAGEMENT ONCE YOU'RE IN THIS!!!
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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.