Perfect setup on the GJ today. If we look at the week gone by, it pinged the GM4a on Monday and traveled, bouncing and re-accumulating on the way at each key level down. A very natural cycle, mainly sticking to the sqrt 2 frequency. Stopping at the end of wave 2 (2b) and retracing to the start of wave 3 (3a) then going to the end of wave 3 (3b) and that seems like the end of the down wave cycle as it has come all the way back up to 2b on the upside.
The setup for me was seeing nice divergence on the TDI, manipulation high bouncing off w2b. Took my entry there on seeing extreme volume and no follow through on the 1m and 5m chart. Dotted lines indicate my entry and exit. Was expecting it to hit %100 but saw some resistance at %50 and took my profit of 74.4 pips. You can see I like to draw my trends on TDI as it is based off the close and is a great indication of momentum slowing when we see divergence with price.
Please download the attached file and draw the levels on the chart yourself.
5m:
15m:
The setup for me was seeing nice divergence on the TDI, manipulation high bouncing off w2b. Took my entry there on seeing extreme volume and no follow through on the 1m and 5m chart. Dotted lines indicate my entry and exit. Was expecting it to hit %100 but saw some resistance at %50 and took my profit of 74.4 pips. You can see I like to draw my trends on TDI as it is based off the close and is a great indication of momentum slowing when we see divergence with price.
Please download the attached file and draw the levels on the chart yourself.
Attached File(s)
Russell Waves free.pdf
177 KB
|
199 downloads
5m:
15m: