On February 15 2024 I posted on social media @AidanFX , ” EURUSD Sold at 1.0774 with Stop Loss at 1.0786 and Target at 1.0738. ”
Sell Trade Setup
1. Price entered the 1 hour supply zone where price reversed lower. (Blue box)
2. RSI divergence pattern (Red Line) forms in the 1 hour supply zone adding more confidence price will push lower.
3. Price breaks below internal structure lower low (Blue Line) signalling a bearish market structure shift (MSS).
4. Price pullbacks to the supply zone (Purple box) where sells was triggered.
5. Added confirmation was a correlation divergence (Orange) where, at the same time, GBPUSD made a new high but EURUSD did not signalling a move lower.
EURUSD 15 Minute Chart February 15 2024
EURUSD moves lower and hits the 1:3RR proposed target hit at 1.0738 from 1.0774 and closed trade for +36 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 EURUSD 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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