Wave theory with a cup of coffee - page 3
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The fourth order was on OIL.
Again you can see the stop and target levels in the above chart.
The reason I chose the highlighted wave as a new Mono wave was again its sharpness and also breaking the last trend line.
The fifth order was on EURCHF
Everything is clear on the chart. Unfortunately I closed this order on tp=sl=60pips which was one of my mistakes because as you see, finally it got to the target on Friday.
I dont know how much it is useful but I made a file in PDF which is the summery of rules and examples I mentioned in these posts.
First of all the ready chart is GBPUSD, the highlighted area on the chart might be the first wave of a new rising trendline and with the nice retracement to 78.6% which I think it's going to be finished on Monday, all conditions are ready for having a third bullish wave. So we can enter to the market in 1.5365 with thw SL@ 1.5295 and target on 1.5535
The only thing about this position is that this is a long term position and it may last two or three or even the whole week before getting to the target.
The other opportunity is being made on GOLD
Again the highlighted area has all features of a new trend. I expect market to fall to 1241.20 so we can have a buy position on that price. Again with the same approach that I mentioned before our stop level will be at 1236.65 and the target could be at 1251.30 at least.