I have identified a short opportunity for EURUSD on the 30-minute chart using Elliott Wave analysis.
The current price level is around 1.08781, and I am entering the trade at this point. The chart shows the completion of wave (5) and the potential start of a corrective wave (a)(b)(c), indicating a downward movement.
My target levels are set based on the Fibonacci retracement and extension of wave (5):
- First target: 0.381 Fibonacci level at 1.08752
- Second target: 0.618 Fibonacci level at 1.08581
- Third target: 1 Fibonacci level at 1.08304
- Fourth target: 1.618 Fibonacci level at 1.07857
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 1.09100. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in EURUSD while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 1.08781, and I am entering the trade at this point. The chart shows the completion of wave (5) and the potential start of a corrective wave (a)(b)(c), indicating a downward movement.
My target levels are set based on the Fibonacci retracement and extension of wave (5):
- First target: 0.381 Fibonacci level at 1.08752
- Second target: 0.618 Fibonacci level at 1.08581
- Third target: 1 Fibonacci level at 1.08304
- Fourth target: 1.618 Fibonacci level at 1.07857
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 1.09100. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in EURUSD while effectively managing risk with clear entry, target, and stop loss levels.
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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.
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.