EURUSD Short Trade Setup
It seems like a correction is in the making between the orange lines after the daily upward impulse from 1.063. Currently, the B wave should be in the making. So, my expectation is the C wave for a complete running flat. But, before that impulse, it looks like more downside is more likely. That's why I want to take a short trade to hedge it at 1.16200 where we have a nice Fib confluence. I think we have a complete expanding flat under the blue trendline. If I'see a valid reversal structure, I'll place a sell stop order. That being said, I'll take a long trade if I see a correction for more upside.
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.