ONE:USDT Bullish, LONG, 5th wave, +10x
This is ONE beautiful chart ;) if this plays out honestly this is one to frame and put on the wall. I can't help but marvel at how technically perfect it is. If this plays out- it'll display the real power of Elliott wave. This 4th- 5th wave trade is the bread and butter of Elliott- it doesn't get better than this.
Key points
2nd wave retraced to the high probability zone 0.5 Fib
3rd wave pivoted at the high probability zone between the 1.618- 1.75 Fib
4th wave has currently retraced to the high probability zone 0.38 Fib
5th wave high probability target is at 1:1 of the first wave projected from the end of the 4th wave; this gives a target of almost 10x!
4th to 5th wave trade:
Entry: Below 0.056
Stop: 0.04667
Target: 0.54
Risk: Reward of about 1:60; for me this is a must take trade.
If the above trade is stopped out but fairly quickly rebounds and reclaims the previous range, wait for price to reclaim this area and look for the first retracement for a second opportunity to get long. For this second trade stops can be place below the new low.
Never Trust. Verify.
D.Y.O.R. Not Financial Advice, this is my trading journal.
Always remember: Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Key points
2nd wave retraced to the high probability zone 0.5 Fib
3rd wave pivoted at the high probability zone between the 1.618- 1.75 Fib
4th wave has currently retraced to the high probability zone 0.38 Fib
5th wave high probability target is at 1:1 of the first wave projected from the end of the 4th wave; this gives a target of almost 10x!
4th to 5th wave trade:
Entry: Below 0.056
Stop: 0.04667
Target: 0.54
Risk: Reward of about 1:60; for me this is a must take trade.
If the above trade is stopped out but fairly quickly rebounds and reclaims the previous range, wait for price to reclaim this area and look for the first retracement for a second opportunity to get long. For this second trade stops can be place below the new low.
Never Trust. Verify.
D.Y.O.R. Not Financial Advice, this is my trading journal.
Always remember: Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
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