The EURAUD pair has been on a down trend since August of 2023. We at EWF always encourage our members to trade with the trend and not against it.
On September 24 2023 I posted on social media @AidanFX ” EURAUD sold at 1.6569 Stop Loss at 1.6604 Target at 1.6499.”
SELL Trade Setup
1. Sell was triggered when price entered the 1 Hour supply zone area with stops above the supply zone. (Red)
2. Bearish Wyckoff distribution schematic pattern (Black Labels) terminating in the supply zone signalling a reversal lower.
3. Price begins forming a lower low/lower high sequence signalling reversal lower.
4. Price breaks below internal structure higher low (Blue Line/ChoCh-Change of Character) signalling bullish weakness, a bearish market shift and confirming the move lower.
EURAUD 5 Minute Chart September 25 2023
Sell trade entered at 1.6569 with Stop Loss at 1.6604 and on September 25 2023 EURAUD moved lower to the proposed 1:2 Risk/Reward target (1.6499) and extended even lower to hit the 1:3 Risk/Reward target where the trade was closed at 1.6454 for +105 pips. (3% gain risking 1% on every trade)
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. If you followed me on social media you too could have caught the EURAUD move lower. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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