AUDJPY 15M long | Morning Star

Opened overnight, already at 60 pip by morning

Candle Pattern: Morning star
Trend: up
Trend Entry: with

TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20

Fib Entry: .50
Fib TP: 1+
Stochastic: over-sold
MACD: bullish
200SMA: above
BB: n/a
Pivot Point: R1


Elliot Wave:
on wave 5
Looking for final wave 5 high


Notes:

Morning star tail triggered my entry at the .50 fib level.
.50 fib used because .618 and 764 were below 200 sma

stochastic showing over-sold at time of entry

macd is showing bullish strength


What can go wrong:
could make a new wave 4 low before starting wave 5.