The EURUSD pair has been on a down trend since July of 2023. As the saying goes, trade with the trend and not against it.
SELL Trade Setup
1. Price entered the 1 Hour supply zone area where sellers are waiting to push price lower. (Red)
2. Double bearish Wyckoff distribution schematic patterns (Green and Black Labels) terminating in the supply zone.
3. SELLS triggered after a series of lower lows and lower highs on the 1 minute chart signalling a reversal lower.
4. Price breaks below internal structure higher low (Purple Line/ChoCh-Change of Character) signalling bullish weakness, a bearish market shift and confirming the move lower.
EURUSD 5 Minute Chart September 20 2023
Sell trade entered September 20 at 1.0728 with a 20 pip Stop Loss at 1.0748 and on September 21 2023 EURUSD moved lower to the proposed 1:5 Risk/Reward target where trade was closed at 1.0628 for +100 pips. (5% 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. 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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