Wait for wave (IV) to troll back at 38.2/50% fibo and open long!AUDJPY Analyze- 9 PM (TH)- 01/06/2021
We are in the wave of the second set of non-standard small x of wave x3
OR Wave A of x3
Which the price is forming last wave v of wave A
and in a deeper degree, it is wave (iv) of wave v
Where are we?
x3 - A - v - (iv)
Plan to trade for tomorrow
1. Wait for wave iv to retrace at red resistance horizontal line at 38.2% or 50%
2. Candles have to be able to stand at those lines
3. Ema 5 and 15 cross up
4. MACD and CCI make bullish divergence in the small timeframe
5. Plan how much you want to risk and place an order with the stop loss and take profit which is around 100% of the previous wave (I) and stops loss is a little bit lower than 50% because wave (ii) is already zigzag which means wave (iv) has to be flat/triangle or combination waves; normally it will not retrace more than 50% of the former wave.
One quote for tomorrow
“Never, ever argue with your trading system” - Michael Covel
---Meaning: It will never get you anywhere! And let’s face it, it’s probably not the systems’ fault. If it’s really doing you no good, change it!---
Thanat VIchachai
