***OCTOBER 31 2023 : EURUSD SELL Trade was stopped out for -20 pips***
EURUSD Sell trade entered at 1.0622 with a 20 pip Stop Loss at 1.0642. Targets at 1.0582 (1:2RR minimum target) and 1.0522 (1:5RR maximum target).
The pair can still make a small push higher to grab buyside liquidity from today’s high but as long as price remains below the stop loss the pair can reverse and push lower. A break below the MSS/Market Structure Shift (Black dotted line) will confirm sellers have taken control.
SELL Trade Setup
1. Price entered the 1 Hour bearish drop base drop supply zone where SHORT/SELL was entered. (Green)
2. Bearish pattern with the point D sell trigger terminating in the supply zone. (Blue)
3. Bearish AB=CD pattern with the point D sell trigger terminating in the supply zone. (Red)
EURUSD 1 Hour Chart October 30 2023
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. 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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