I'm setting up a short trade on EURUSD based on a 1-hour chart using Elliott Wave analysis. The chart indicates that wave (5) of the impulsive sequence has completed, and I'm anticipating a downward correction in wave (a)-(b)-(c).
My entry point is around the current price of 1.07967.
I'm targeting the following levels for wave (c):
1. First target: 1.07774 at the 0.480 Fibonacci extension.
2. Second target: 1.07567 at the 0.618 Fibonacci extension.
3. Final target: 1.06994 at the 1 Fibonacci extension.
I'll place my stop loss slightly above the recent high of wave (b) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated downward movement completing the Elliott Wave correction sequence.
My entry point is around the current price of 1.07967.
I'm targeting the following levels for wave (c):
1. First target: 1.07774 at the 0.480 Fibonacci extension.
2. Second target: 1.07567 at the 0.618 Fibonacci extension.
3. Final target: 1.06994 at the 1 Fibonacci extension.
I'll place my stop loss slightly above the recent high of wave (b) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated downward movement completing the Elliott Wave correction sequence.
Trade closed manually
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.