I'm looking to go short on the US30 based on the 15-minute chart and Elliott Wave analysis. Here's my detailed plan:
- Entry Point: I will enter a short position at the current price level of around 39,392. This level is aligned with the end of wave (b), indicating the beginning of a potential downward movement.
- Targets: My primary target for this trade is the 0.618 Fibonacci retracement level of wave (c), which is approximately at 39,163.24. This level represents a significant retracement and is a logical point for taking profits.
- Stop Loss: To manage risk, I will place my stop loss just above the high of wave (b), at around 39,480. This stop loss level is set to protect against significant moves against my position while allowing for normal market fluctuations.
- Trade Management: I will closely monitor the trade as it progresses towards the target levels. If the price approaches the intermediate target and shows signs of resistance or reversal, I might take partial profits and adjust my stop loss to break even or slightly higher. If the price continues to move in my favor towards the final target of 39,163.24, I will trail my stop loss to lock in profits.
This setup leverages clear Elliott Wave patterns and offers a favorable risk-reward ratio. By adhering to this plan, I aim to capitalize on the anticipated downward movement while effectively managing risk.
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- Entry Point: I will enter a short position at the current price level of around 39,392. This level is aligned with the end of wave (b), indicating the beginning of a potential downward movement.
- Targets: My primary target for this trade is the 0.618 Fibonacci retracement level of wave (c), which is approximately at 39,163.24. This level represents a significant retracement and is a logical point for taking profits.
- Stop Loss: To manage risk, I will place my stop loss just above the high of wave (b), at around 39,480. This stop loss level is set to protect against significant moves against my position while allowing for normal market fluctuations.
- Trade Management: I will closely monitor the trade as it progresses towards the target levels. If the price approaches the intermediate target and shows signs of resistance or reversal, I might take partial profits and adjust my stop loss to break even or slightly higher. If the price continues to move in my favor towards the final target of 39,163.24, I will trail my stop loss to lock in profits.
This setup leverages clear Elliott Wave patterns and offers a favorable risk-reward ratio. By adhering to this plan, I aim to capitalize on the anticipated downward movement while effectively managing risk.
Explore more insights and connect with me on my socials—follow for updates! 🚀
Trade closed: target reached
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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.