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By tradinglounge · Posted
ADANI PORTS and SEZ – ADANIPORTS (1D Chart) Elliott Wave Technical Analysis Function: Larger Degree Trend Higher (Intermediate degree, orange) Mode: Motive Structure: Impulse Position: Minor Wave 5 Grey. Details: Minor Wave 5 Grey is progressing higher within Intermediate Wave (5) Orange against 1160. Alternatively, Minor Wave 5 Grey already terminated around 1630 (truncation) and the stock has turned lower. Invalidation point: 1160 ADANI PORTS & SEZ Daily Chart Technical Analysis and potential Elliott Wave Counts: ADANI PORTS & SEZ daily chart is indicating a progressive rally, which is into Minor Wave 5 of Intermediate Wave (5) Orange, and targeting above 1600 high going forward. Bottom line for bulls to remain in control is 1160 low; Minor Wave 4 termination. The stock earlier terminated Intermediate Wave (4) Orange around 395 mark in February 2023. Since then, the rally could be clearly sub divided into five waves. Minor Waves 1 through 4; and Wave 5 is now underway. Minor Wave 3 was extended, which is ideally the case. If the above holds well, prices should turn higher from here (1360), and continue pushing through 1600 high going forward. Alternatively, a drop below 1160 would indicate a potential trend reversal ahead. ADANI PORTS and SEZ – ADANIPORTS (4H Chart) Elliott Wave Technical Analysis Function: Larger Degree Trend Higher (Intermediate degree, orange) Mode: Motive Structure: Impulse Position: Minor Wave 5 Grey. Details: Minor Wave 5 Grey is progressing higher within Intermediate Wave (5) Orange against 1160. Minute Waves ((i)) and ((ii)) might be complete around 1600 and 1300 levels respectively. If correct, Minute Wave ((iii)) should be underway soon. Alternatively, Minor Wave 5 Grey already terminated around 1630 (truncation) and the stock has turned lower. Invalidation point: 1160 ADANI PORT & SEZ 4H Chart Technical Analysis and potential Elliott Wave Counts: ADANI PORT & SEZ 4H chart highlights the sub waves after Minor Wave 4 completed around 1160 mark on June 06, 2024. Minute Waves ((i)) and ((ii)) also within Minor Wave 6 look complete 1600 and 1300 respectively. If correct, prices should stay above 1160 as Minute Wave ((iii)) gets underway. Conclusion: ADANI PORT & SEZ is progressing higher within Minor Wave 5 of Intermediate Wave (5) against 1160, targeting above 1600 high. Elliott Wave Analyst: Harsh Japee Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
RUSSELL 2000 Elliott Wave Analysis Trading Lounge Day Chart RUSSELL 2000 Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Gray Wave 3 Position: Orange Wave 3 Direction Next Lower Degrees: Gray Wave 4 Details: Gray wave 2 appears complete, with gray wave 3 currently active. Wave Cancelation Invalid Level: 217.61 The Russell 2000 Day Chart, analyzed using the Elliott Wave technique, indicates a bullish trend in an impulsive mode. This trend is structured within gray wave 3, suggesting continued upward momentum. The current position, identified as orange wave 3 within the larger gray wave sequence, reinforces expectations of further gains in line with this bullish movement. The completion of gray wave 2 sets the stage for gray wave 3, which is now in progress. This configuration aligns with the Elliott Wave principle, which typically features impulsive waves driving trends forward through structured cycles. The next anticipated phase is gray wave 4, a corrective phase expected to follow the completion of gray wave 3. Until then, the upward trajectory of the trend is expected to persist. Key Level: The wave invalidation level for this analysis is 217.61. A decline below this level would invalidate the current wave structure and necessitate a reevaluation of the trend's direction. Remaining above 217.61, however, supports the validity of the current bullish interpretation and suggests continued upward movement. Conclusion: The Russell 2000 Day Chart, based on Elliott Wave analysis, reflects a bullish outlook characterized by an active gray wave 3 in an impulsive mode. The wave sequence suggests further gains, with 217.61 serving as a critical invalidation level for the current structure. As long as the index stays above this level, the primary expectation is for sustained upward momentum within the Elliott Wave framework. RUSSELL 2000 Elliott Wave Analysis Trading Lounge Weekly Chart RUSSELL 2000 Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Direction Next Lower Degrees: Orange Wave 4 Details: Orange wave 2 seems complete, with orange wave 3 currently active. Wave Cancelation Invalid Level: 217.61 The Russell 2000 Weekly Chart, interpreted through Elliott Wave analysis, highlights a bullish trend progressing in an impulsive mode. This wave structure focuses on orange wave 3, reflecting strong continuation within the current trend cycle. With orange wave 2 likely completed, orange wave 3 is now in play, suggesting further upward movement in line with the bullish outlook. The chart’s current position aligns with navy blue wave 3, which drives the broader orange wave 3 structure. According to Elliott Wave principles, the third wave in a five-wave impulsive sequence is often the most powerful, signifying robust upward momentum and strength in the prevailing trend. The next anticipated phase in the wave sequence is orange wave 4, which represents a potential corrective movement following the completion of orange wave 3. Until orange wave 3 concludes, the market is expected to maintain its bullish trajectory. Key Level: A wave invalidation level is set at 217.61. A decline below this threshold would invalidate the current wave count and necessitate a reassessment of the trend. Conversely, staying above 217.61 supports the bullish wave configuration and further upward movement. Conclusion: The Russell 2000 Weekly Chart reflects a bullish trend led by orange wave 3 within an impulsive mode, with navy blue wave 3 driving the structure. The analysis anticipates continued strength in the index, with 217.61 serving as the critical invalidation level for the current wave count. This setup points to ongoing bullish momentum, with future analysis contingent upon the completion of orange wave 3 before transitioning to the corrective orange wave 4 phase. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
EURGBP Elliott Wave Analysis Trading Lounge Euro/British Pound (EURGBP) Day Chart EURGBP Elliott Wave Technical Analysis Function: Bearish Trend Mode: Impulsive Structure: Orange Wave 1 Position: Navy Blue Wave 3 Direction Next Higher Degrees: Orange Wave 2 Details: Navy blue wave 2 appears complete, with orange wave 1 of navy blue wave 3 currently in motion. Wave Cancelation Invalid Level: 0.84490 The EURGBP Day Chart, based on Elliott Wave analysis, demonstrates a bearish trend with an impulsive wave structure. The current setup includes orange wave 1 within navy blue wave 3, indicating a continuation of the downward trajectory in line with the broader trend. The analysis highlights that navy blue wave 2 has likely concluded, leading to the development of orange wave 1 within navy blue wave 3. This formation fits a classic impulsive Elliott Wave structure, supporting the overall bearish outlook. Navy blue wave 3, as the current position within the larger wave pattern, underscores the downward momentum. The higher-degree direction aims for orange wave 2, which suggests that any upward movements are expected to be corrective and part of the larger bearish framework. Consequently, potential rallies may be short-lived and unlikely to signify a reversal of the bearish trend. Key Level: The invalidation level for the current wave structure is 0.84490. A move above this level would invalidate the current bearish count, necessitating a reassessment of the wave structure. Conversely, maintaining levels below 0.84490 supports the validity of the current Elliott Wave configuration and the bearish trend. Summary: The EURGBP Day Chart analysis points to a bearish trend driven by an impulsive orange wave 1 within navy blue wave 3. The expectation is for continued declines as part of the broader downward trend. Monitoring the invalidation level at 0.84490 is crucial for confirming the validity of the current structure, with the primary outlook remaining bearish as long as this level is not breached. Euro/British Pound (EURGBP) 4-Hour Chart EURGBP Elliott Wave Technical Analysis Function: Bearish Trend Mode: Impulsive Structure: Orange Wave 1 Position: Navy Blue Wave 3 Direction Next Higher Degrees: Orange Wave 2 Details: Navy blue wave 2 seems complete, with orange wave 1 of navy blue wave 3 currently unfolding. Wave Cancelation Invalid Level: 0.84490 The EURGBP 4-Hour Chart, interpreted through Elliott Wave analysis, reveals a bearish trend characterized by an impulsive wave structure. This setup shows that orange wave 1 has initiated within navy blue wave 3, suggesting continued downward momentum as the wave sequence progresses. The analysis indicates that navy blue wave 2 is likely completed, paving the way for orange wave 1 to move lower. This marks the beginning of navy blue wave 3’s downward phase, aligning with the impulsive nature of Elliott Wave patterns. These waves emphasize a directional trend that supports the broader market movement. The current position of navy blue wave 3 within the wave hierarchy confirms the bearish bias. The potential emergence of orange wave 2 in the near term indicates that any upward movements may serve as corrective phases rather than a shift in the primary trend. This structure reflects a continuation of the overall downward trajectory, reinforcing the bearish outlook. Key Level: The wave invalidation level is 0.84490. If prices rise above this level, the current bearish count would be invalidated, necessitating a reevaluation of the wave structure. Remaining below 0.84490, however, sustains the validity of the bearish wave count and supports continued declines within the impulsive wave framework. Summary: The EURGBP 4-Hour Chart analysis identifies a bearish trend driven by the impulsive orange wave 1 within navy blue wave 3. This wave progression points to further declines, with the invalidation level at 0.84490 serving as a critical threshold for maintaining the current wave structure. As long as this level holds, the dominant trend remains bearish. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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Question
Guest JTN
Hi
I have just entered into my first trade but had a question. I have opened a sell order with a guaranteed stop loss. However, I would like to close part of my trade when it moves in my favour by 50 pips and let the rest of the trade ride further. I can see how to do this manually once I know the price has moved by 50 pips in my favour. I can also see how to do this if I want to close my entire position. However, I will not be glued to my computer screen all day and I only want to close part of my position. Is there a way to set an order so that when the price moves 50 pips in my favour part of my trade is automatically closed and the rest of the trade allowed to ride? Is the only way to do this to setup a text alert which tells me when the price has moved in my favour by 50 pips and then I can go in and manually partially close the trade?
Thanks for your help,
John
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