EUR/USD - 16/05/2023 - Sell Position
On the 16th of May, 2023, we identified a potential trading opportunity on the EUR/USD pair, underpinned by an array of technical and fundamental factors.
The technical analysis demonstrated a confluence of factors that suggested this was a prime opportunity. Key among these were the 61.8% Fibonacci retracement level, an indication of a potential reversal point in the market. Additionally, early sellers were systematically swept from the market, and an imbalance was effectively filled. A discernable break of structure to the downside further solidified our analysis. We also set our sights on the 4-hour low, targeting it as the intended profit point.
In conjunction with the technical analysis, we factored in recent economic news that complemented our position. These fundamental indicators served as a valuable tool to corroborate our technical findings, lending additional weight to our decision-making process.
Risk management, as always, was a pivotal aspect of this trade. It's imperative to remember that the primary goal is not just to gain profits, but also to protect our capital from potential market volatility. We employed a stringent risk management strategy to ensure our capital was effectively safeguarded.
It's important to underscore that not every trade will follow this blueprint, which is why we have a robust risk-to-reward strategy in place. The variables in the market are numerous and ever-changing, making it crucial to maintain a balanced and adaptable approach to trading.
If you found this analysis insightful and would like to see more content like this, please don't hesitate to like and share this post.
Ryan Kelly,
Financial Analyst at Vanquish Holding Ltd.
The technical analysis demonstrated a confluence of factors that suggested this was a prime opportunity. Key among these were the 61.8% Fibonacci retracement level, an indication of a potential reversal point in the market. Additionally, early sellers were systematically swept from the market, and an imbalance was effectively filled. A discernable break of structure to the downside further solidified our analysis. We also set our sights on the 4-hour low, targeting it as the intended profit point.
In conjunction with the technical analysis, we factored in recent economic news that complemented our position. These fundamental indicators served as a valuable tool to corroborate our technical findings, lending additional weight to our decision-making process.
Risk management, as always, was a pivotal aspect of this trade. It's imperative to remember that the primary goal is not just to gain profits, but also to protect our capital from potential market volatility. We employed a stringent risk management strategy to ensure our capital was effectively safeguarded.
It's important to underscore that not every trade will follow this blueprint, which is why we have a robust risk-to-reward strategy in place. The variables in the market are numerous and ever-changing, making it crucial to maintain a balanced and adaptable approach to trading.
If you found this analysis insightful and would like to see more content like this, please don't hesitate to like and share this post.
Ryan Kelly,
Financial Analyst at Vanquish Holding Ltd.
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