Elliot wave, going long. What do you think?
I'm new to Elliot waves; I've never really used them before.
I thought I'd see if my application of the Elliot wave theory was correct. Having used my correct strategy (Squeeze, Momentum Volume and Weis Wave indicators) I already knew I was going to go long with this currency pair. Although there appears to be much resistance and I suspect there will be a period of consolidation before the bullish trend continues.
The Elliot wave starting from the apex (5) is the start of a bullish new impulse trend after a correction trend. I suspect this new impulse trend will continue after this brief consolidation period. I have set the target above the current doji candle at 0.661024 (300pips above the current candle) and the stop loss at 0.656680 (150 pips below the current candle) I feel this gives me enough movement for the next few candles to respond to the market and continue the impulse trend.
As this is a new strategy, I will use very small lots to begin with 0.01 to practice with. However, backtesting does seem promising so far.
I thought I'd see if my application of the Elliot wave theory was correct. Having used my correct strategy (Squeeze, Momentum Volume and Weis Wave indicators) I already knew I was going to go long with this currency pair. Although there appears to be much resistance and I suspect there will be a period of consolidation before the bullish trend continues.
The Elliot wave starting from the apex (5) is the start of a bullish new impulse trend after a correction trend. I suspect this new impulse trend will continue after this brief consolidation period. I have set the target above the current doji candle at 0.661024 (300pips above the current candle) and the stop loss at 0.656680 (150 pips below the current candle) I feel this gives me enough movement for the next few candles to respond to the market and continue the impulse trend.
As this is a new strategy, I will use very small lots to begin with 0.01 to practice with. However, backtesting does seem promising so far.