EURAUD Approaching Sell Zone - Elliott Wave & Fibonacci
For this setup we have:
-Supply zone
-Major 61.8 Fibonacci retracement
-Major 161.8 Fibonacci extension lining up confirming the significance of the major 61.8 retracement
-Elliott Wave ABC pattern projection
-End of channel resistance
As we approach this area of confluence, you have two scenarios (aggressive or conservative) in mind depending on your risk appetite. Enter the trade either as the ABC pattern completes, a candlestick confirmation forms or a break and retest pattern is present.
Aggressive SL: 1.65460
Conservative SL: 1.66000
TP1: 1.62550
TP2: 1.61850
TP3: 1.61250
Please feel free to send me a message in regards to any questions, feedback or suggestions that you may have.
Enjoy!
-Supply zone
-Major 61.8 Fibonacci retracement
-Major 161.8 Fibonacci extension lining up confirming the significance of the major 61.8 retracement
-Elliott Wave ABC pattern projection
-End of channel resistance
As we approach this area of confluence, you have two scenarios (aggressive or conservative) in mind depending on your risk appetite. Enter the trade either as the ABC pattern completes, a candlestick confirmation forms or a break and retest pattern is present.
Aggressive SL: 1.65460
Conservative SL: 1.66000
TP1: 1.62550
TP2: 1.61850
TP3: 1.61250
Please feel free to send me a message in regards to any questions, feedback or suggestions that you may have.
Enjoy!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.