At GMT 16:15, I observed the 15min chart, and found that wave 2 was over and was going into the wave 3 position therefore, I calculated the wave from 0 point to wave 2.
The 0 point = 1.3750
The wave1 top = 1.3827
The wave2 bottom = 1.3802 (almost 38.2% of wave 1 retracement)
Base on the Elliott Wave Theory, wave3 can have the same pip value as wave1 or 1.618 of wave1; therefore I calculated 2 sets of value.
Base on the Elliott Wave Theory, wave3 can have the same pip value as wave1 or 1.618 of wave1; therefore I calculated 2 sets of value.
If wave3 has the same pip value as wave1, the target price = 1.3802+0.0077 = 1.3879,
If wave3 is 1.618times the value of wave1, the target price = 1.3802+0.0124 =1.3926
After all the calculations at GMT16:33 I entered two trades with the price at 1.3830, because the price had the breakthrough of the wave1.
After all the calculations at GMT16:33 I entered two trades with the price at 1.3830, because the price had the breakthrough of the wave1.
Stoploss = 1.3802,
Profit target = 1.3879 and 1.3926,
The losswin ratio = 1:1.75 and 1:3.42
The actual wave3 = 1.3903
I have 1 trade hitting the profit target with a gain of 49pips; and another trade hitting the trailing stop at 1.3868 with a gain of 38pips.;From the result this means wave3 had the same level as wave1, The wave theory say that wave3 cannot be the shorter then wave 1. wave. Therefore we can predict wave5 will be the shortest wave, estimated at 0.618 of the wave3. Base on calculations wave 5 = 1.3928, the actual wave5 = 1.3923.
I have 1 trade hitting the profit target with a gain of 49pips; and another trade hitting the trailing stop at 1.3868 with a gain of 38pips.;From the result this means wave3 had the same level as wave1, The wave theory say that wave3 cannot be the shorter then wave 1. wave. Therefore we can predict wave5 will be the shortest wave, estimated at 0.618 of the wave3. Base on calculations wave 5 = 1.3928, the actual wave5 = 1.3923.
What was my next move after winning the trades on wave3?
I zoomed into the 5min chart to prepare the wave5 entry. Form the 5min chart I calculated 3 different target prices,that was because wave4 will retrace from 14% to 32.8% of wave3.
I zoomed into the 5min chart to prepare the wave5 entry. Form the 5min chart I calculated 3 different target prices,that was because wave4 will retrace from 14% to 32.8% of wave3.
Wave4 = 1.3903-(0.0099*0.14) = 1.3889,
Wave4 = 1.3903-(0.0099*0.23) = 1.3880 and
Wave4 = 1.3903-(0.0099*0.328) = 1.3871
The actual wave4 = 1.3866
when the price reached1.3889 my buy stop was triggered and my profit target at 1.3928 was done, during this trade it also hit the trailing stop at 1.3965, this trade gave me a profit of 86pips within a period of 3 hours. Total profits for the 2 trades a cool 173pips.
The actual wave4 = 1.3866
when the price reached1.3889 my buy stop was triggered and my profit target at 1.3928 was done, during this trade it also hit the trailing stop at 1.3965, this trade gave me a profit of 86pips within a period of 3 hours. Total profits for the 2 trades a cool 173pips.
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