On the last weekend of 2024 we called for EURUSD to make another move lower and showed our members the Elliott Wave bearish scenario. The wave count below signalled to our members that the pair would move lower during the trading week into 2025.
EURUSD Weekend Update December 28 2024
The Elliott Wave count for EURUSD was bearish and there were other market patterns that also complimented this scenario. The chart below clearly shows the pair broke below a support level (Black) which then acted as a resistance level on the pullback. Price respected the support/resistance level and also respected the Dynamic Resistance 100 Moving Average (Blue) and pushed lower. Pulling back into the Supply Zone (Light Blue) I squeezed the trigger and SOLD when the candle formed a Shooting Star candlestick bearish pattern inside the zone adding more reasons the pair would push lower. All these bearish patterns combined with our bearish Elliott Wave count above was enough for me to SELL EURUSD with confidence.
EURUSD 15 Minute Chart January 2 2025
Entered the SELL (Green) trade January 2 2025 at 1.0362 with a 14 pip tight stop loss at 1.0376 and several hours later EURUSD continues lower and the 1:5 Risk to Reward target hits at 1.0292 where I closed the sell trade for +70 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. If you followed me on social media you too could have caught the EURUSD move lower.
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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