On May 12 2023 I posted on social media @AidanFX “ Sold/Short EURUSD at 1.09297 Stop Loss 1.09357 Target 1.09177 – 1.09117 area.“
Sell Trade Setup
1. Price sweeps the Asia high for a liquidity grab fuelling the sell side.
2. Price enters the 15 minute bearish supply/selling zone. (Blue box)
3. Bearish divergence pattern forms on RSI signalling a price reversal lower.
4. Price breaks below the internal structure higher low red line (MSS/Market Structure Shift) signalling bearish weakness.
5. SELL trade triggered on candlestick pullback after the MSS break targeting the Asia low (Grey box) price level.
EURUSD 5 Minute Chart May 12 2023
Entered the SELL trade at 1.09297 with a 6 pip stop loss at 1.09357. EURUSD moves lower and hits the proposed 1:3RR target and extends deeper to hit the 1:4RR target at 1.09057 where sell trade was closed for +24 pips +4% 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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