SOLTHB | Contracting triangle possible breakout
Price action and chart pattern trading setup
> Elliott Wave position: Standard Zigzag ABC correction ending with contracting triangle about to breakout
> Entry at stop loss eater dump and pump at SMA50
> 1st Target at SMA20 zone 0.5 and 2nd target at previous 3rd Wave position zone 0.786 - 1.0
> Stoploss 3-5% plus ADR average day range roughly below entry point with risk-reward ratio 2:1 for medium-term trade
Indicator:
> Strong smart money and banker chip volume entry index > 2 at position A and C
> Banker fundflow RSI rebounded from oversold area
> BBD signal bullish divergence for trend reversal at TF4H
> KDJ stochastic on coming uptrend ribbon
Always trade with affordable risk and respect your stoploss
> Elliott Wave position: Standard Zigzag ABC correction ending with contracting triangle about to breakout
> Entry at stop loss eater dump and pump at SMA50
> 1st Target at SMA20 zone 0.5 and 2nd target at previous 3rd Wave position zone 0.786 - 1.0
> Stoploss 3-5% plus ADR average day range roughly below entry point with risk-reward ratio 2:1 for medium-term trade
Indicator:
> Strong smart money and banker chip volume entry index > 2 at position A and C
> Banker fundflow RSI rebounded from oversold area
> BBD signal bullish divergence for trend reversal at TF4H
> KDJ stochastic on coming uptrend ribbon
Always trade with affordable risk and respect your stoploss
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