[11/12] Total of 23.4 pips gained! Trend reversal from the triple top
Hello! I’m Sakki, a wave trader (@skiym_aaa).@skiym_aaa I’m a professional trader at home after quitting my first company after three years.
My trading style is day trading,
and I trade aiming for the third wave of the Elliott Wave on a daily basis.
Now, let’s quickly look at the Elliott Wave that occurred yesterday (11/11)!
★GBP/JPY 1-minute chart Morning (10:57)23.4pips gained!
※ The Fibonacci retracement is drawn from the end of Wave 1 toward the origin.
- Entry rationale (Wave 1 recognition basis) ➜ Break of the pullback low
- Entry ➜ After 61.8% Fibonacci retracement, MACD death cross
- Take profit ➜ 100% Fibonacci (5.7 pips), 161.8% Fibonacci (17.7 pips)
- Stop loss ➜ 23.6% Fibonacci
- Point ➜ Forming a triple top (head and shoulders)
As noted in the points, the red circled area looks like a head-and-shoulders. MACD is also showing a divergence.
In this way, when looking for the first wave of Elliott Wave, it’s good to also consider the following as supporting evidence.
▼ Additional factors I want to use as evidence when identifying Wave 1
・W top (bottom) or T top (bottom) on a 1-minute chart
・Pullbacks or retracements on higher timeframes
Finding the first wave isn’t easy, but let’s stack these other bases to ride the wave!
See you tomorrow!
【Blog】
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