ape usdt zigzag correction - 23.07.22
entry triggers:
entry: red box
sl: 6.449
lev: 10x and below
Trade safe and due diligence is advised as always!
Analysis
The reason for this trade is simple. I recognized a minutte motive 1 - 5 and upon further confirmations, sub-waves with the same structure were observed from lower time-frames and hence confirming the bias for the correction. Next was waiting for waves a and b to fully develop with the idea to short c, which is what this trade is about. By grabbing a fib extension I got an estimate of where wave c is likely to terminate(the orange line). The stop-loss is slightly above the red-box to accommodate slight pumps and use them as dca points, otherwise going beyond the stop-loss marks a critical point and will look for another entry slightly lower that b, else if we break beyond wave b, chances are the analysis is flawed.
- - Motive 1-5
- - volume expansion
- - bearish rsi
- - breakdown
- - abc developing
entry: red box
sl: 6.449
lev: 10x and below
- tp 1: 6.127
- tp 2: 6.057
- tp 3: 6.001
- tp 4: 5.944
- tp 5: 5.863
- tp 6: 5.761
Trade safe and due diligence is advised as always!
Analysis
The reason for this trade is simple. I recognized a minutte motive 1 - 5 and upon further confirmations, sub-waves with the same structure were observed from lower time-frames and hence confirming the bias for the correction. Next was waiting for waves a and b to fully develop with the idea to short c, which is what this trade is about. By grabbing a fib extension I got an estimate of where wave c is likely to terminate(the orange line). The stop-loss is slightly above the red-box to accommodate slight pumps and use them as dca points, otherwise going beyond the stop-loss marks a critical point and will look for another entry slightly lower that b, else if we break beyond wave b, chances are the analysis is flawed.
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