MATIC - Great R:R Trade! 🔥

6 nov. 2022

MATIC gave us a complex wave 4 and now we're at the extremes of wave 4. We have an invalidation level in place and we're almost at that level.

Taking a short entry anywhere near the blue structure will give us a great risk to reward. There's only limited space for it to move up but there's 75% raw gain to be made on the short. We're expecting wave 5 to go below wave 3 so once we pass that, we'll be looking for reversal patterns to get in on the longs.

Trade Idea:
- On lower timeframe, watch for rejection of the blue structure. This can be done via trendline breaks or BOS etc.
- Enter with stops above the blue structure
- Target the recent lows as first targets. Taper off position as we move lower

Check out TradingElements_ idea for the weekly timeframe

Goodluck and as always, trade safe!

9 nov. 2022

Note

Boom! 35% raw gain!