【11/15】Total of 34.7 pips gained! ~ Elliott Wave on range-bound Pound-dollar ~
Hello! I’m Sakki the Wave Trader (@skiym_aaa).@skiym_aaa) I am a full-time trader who quit the company I joined as a new graduate 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 (11/14)!
★ GBP/USD 1-minute chart (17:20)34.7pips gained!
※ Fibonacci retracement is drawn from the end of Wave 1 toward the origin.
- Entry rationale (Wave 1 identification basis) ➜ Break of resistance after a retrace
- Entry ➜ After 61.8% Fibonacci retracement, MACD golden cross
- Take profit ➜ 100% of Fibonacci (10.5 pips) and 161.8% of Fibonacci (24.2 pips)
- Stop loss ➜ 23.6% Fibonacci
- Point ➜ The higher time frame was in a range.
Lately, the pound has been in a long-range range, hasn’t it?
However, in range conditions, it can be easier to catch waves upward or downward.
That said, ranging is risky and unclear, so
if you enter, you should wait for a solid pullback to improve risk-reward considerably.
Well then, see you tomorrow!
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