Long

Updated

Possible Long Set up - GOLD

Possible long set up for a 3 leg move of ABC to complete points D - E

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I'm a little bit wary of this...

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3 points on the trendline, testing support as resistance. Could make moves down. Lets see how it reacts off that up slope trendline with it's 3rd tap. Tighten up your stop losses.

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Waiting for this trendline break to give me more confirmation of the ABC move up.

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Break and test off the upside of the trendline on the 15m.

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5 min.

Now for more confirmation, a break through this trendline on the 15min.

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Will it continue this breakout? We have to be wary of a false breakout too. I am on a long on this position as i like the pattern and believe this is a higher probability set up for me. Stops tightened close to breakeven.

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Rejecting off the other side of the trendline on the 5min. Watch it.

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Nice extremely tight entry under the wick for a high risk:reward ratio.

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You can increase the distance of your stop loss to increase the likelihood of your trade remaining active, just make sure you apply your appropriate risk management!

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Great spot for a buy

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Okay guys, i'm looking for 3 big touch offs on this upsloping trendline on the hour. Entry on the 30min. Let's do this!

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I'm liking this.. wait for candle to close. Enter on the 15 min or wait until the 30 min close for added strength of the move.

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15 minute closed with some good volume. Enter now or wait for added confirmation with a 30minute close.

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30 minute candle:10 minutes left for close

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Coincides with the 61.8% Fib for a strong wave 2- 3

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Also the 50% fib which usually indicates a sharp move.

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Here's also the correction drawn out along with the triangle with point E coinciding perfectly with the position we are looking at. Great confluence. I like these sort of trades.

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Can get a little tricky but once you get it, it's satisfying! :) Hope you all got in!!

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Have a look at the two red highlighted spots. I though that last ABC leg had it's B correction at the red spot which is just like the B correction in the first red highlighted spot.

Especially since if i broke it down on the minute i would get 5 impulsive waves down with an abc for the A-B waves.

If anyone has any comments on this i would love to hear. I'm assuming that price action and the market required more time to fill out and hence we would look for these impulsive moves on the larger time frames.
Different compared to the initial A correction with the first red highlight on the left..

If you agree or disagree, have any comment please post below as i'd love to hear your views :)

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I think i answered my own question? Agree/Disagree with the second analysis here? This is a learning experience for me too. It always will be :) Keep growing guys. If you're not growing, you're stagnating and even falling behind.

Happy trading and stay tuned!

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This is what i've got going in terms of Wave Analysis.

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End here at red line or may be extended. Get ready to buy

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This could be the one.

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5 pip stop loss under that wick lol. Or 20 pip to be safer.

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20 pip might be a good option as we don't know how far down that B wave will come down.

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Corrected Wave Analysis, 5th wave of B wave ending shortly, get ready for buys.

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Hope this makes it simpler to see and clearer for you all. <3

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Price rejected off the 1.618, macds crossed aswell and ended the 5th impulse wave of this smaller BC correction inside of the bigger blue AB correction. We are now entering BC impulse.

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68.2% Fib + on the 200ma. Wave 2 complete. Wave 2-3 begins.

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Sorry, slight correction with price playing out/correcting longer over time. Price now touching off the 200ma perfectly. This may be a better time to complete wave 2.

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If price comes back down then we're looking at an ABCDE triangle instead of an ABC. You've got to be able to adapt quick to these ever changing markets. :) GEt a little tricky with the 1 minute sometimes as you need to be quick than looking at it on a longer time frame.

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There she goes ladies and gents, as expected the strong wave 2-3.

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wave 2-3 only travelled 1.27 fib exension which means that wave 4-5 will be an extended wave.

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If price drops from here, look to enter on an ABCDE triangle correction instead of this wave 3-4 being an ABC.

That's it from me guys!! I'm going to call it a night. I will post up the pattern again on the 5 or 15 minute. I'll let this play out tonight.
I have set my stops at my previous entry points (see previous posts from earlier) and have placed them into breakeven.
I don't know how far down that black A-B wave will travel. Hence i have my stops in a location which i don't believe will get stopped, more around the beginning or below the beginning of WAVE A CORRECTION (Black). Take profits if you like now :) Up to you.

Happy Trading Friends :)

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Almost forgot! Don't get too bogged down on the 1 minute. Play the bigger chart pattern.
5minute zoomed in:

15 minute zoomed in:

Overview of pattern on a clean chart (different browser):
Okay so this looks like the E point of a triangle, where we are now.

HOWEVER, i don't believe the ABC correction pattern is complete yet, so therefore i believe the E point will end up higher up, where the trendline touches the wicks. LIke this:

Here are the ABC corrections shown:

See the pattern?

Happy Trading! Like and Follow for more Analysis :)

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LASTLY (i promise i'll shut the PC off after this xD):
If we go on the 1 hour and move the trendline into this position:

Then it appears that this could be the position of point E for price to dope. Since it APPEARS like this, it looks like a good position for the correction A to end short and A-B to begin, which makes it APPEAR like price is beginning to drop which gets people on shorts so that the big money get onto the opposite side of those orders for a buy. Price drives up for a long impulsive move to end up where that C point correction is, and hence the new E spot. The cycle begins and once again the "herd" gets into those BUYS since they see such an impulsive move up, but yet again, the sells will occur.
Just a hunch. ;) It's a game. The herd is always a step behind.. reacting..
Goodnight guys :)

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Then it appears that this could be the position of point E for price to (DROP ***, not dope lol) It's definitely time to sleep!

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Hey, i had to brush my teeth first :p
No length projections sorry. Way too tired.

Last update on the 1 minute:

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I think i did notice is when going on the 4 hour, price has the POTENTIAL to run up to these levels here. New trendline created. Just something to keep in mind.

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Hi Guys :) Back.

Here's the latest with the wave adjusted to new price. I have taken profits, entered into a short for the wave correction of (black) A-B. I have entered on the yellow highlight (elliot waves formed here too).
Best place to place stop loss is where the dotted line is, or you can try for a tighter one above the yellow highlight which will increase your chance of getting stopped out should the subsequent blue wave A-B go up to that area.

Please like and follow <3 :D

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So the original 5 waves down was right, what price did and the pattern created now looks to me like an expanded flat. It could also be a running flat so let's try to count the waves and see where it could potentially end up for us to buy up for a black leg up of B-C.

PROJECTIONS for the end of WAVE C.
Let's try to count the waves too.
Also for Wave C to end we need momentum divergence.

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Minor correction: in an Expanded or Running Flat, the 5 waves down should actually be 3 corrective. We can clearly see this on the 15 minute chart. Anything smaller and it appears like a 5 wave.
When looking at it on the 15 minute chart, it makes sense, which gives me an indication that the impulsive 3 waves down has a higher probability to go down to the "Expanded Flat Wave C Projection" levels due to the nature of time which gives me intuition that price will make a bigger move than a running flat on an impulsive 5 wave down taking the 15 minute time frame into consideration.

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Fibonacci extension for potential Wave 2-3 Targets.

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NEW wave Analysis(Tweaked it around)
Impulsive or diagonal 5 wave going down at this point. Start counting your 0-5 waves from the highlighted point.
Lets get this guys!

hyryda

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hyryda