Hey traders, hope you’re having a solid week! 🚀
Spotted a classic XABCD Bearish setup on the EUR/USD 2-Hour—price is trading below the PCZ and just formed a corrective double-top at 1.17298, setting us up for a potential continuation lower.
🧠 What’s Going On?
X→A (Down): 1.18306 → 1.17472
A→B (Up): 1.17472 → 1.18103
B→C (Down): 1.18103 → 1.16870
C→D (Up): 1.16870 → 1.17653 (PCZ at 1.17436–1.17590)
After tagging the PCZ, price rolled back—then painted a double-top at 1.17298 and dropped below the 23.6% level (1.17436).
✅ Why We’re Shorting
XABCD Structure: Clear bearish AB=CD projection into the PCZ
PCZ Rejection: Failed retest of 78.6%–100% of C→D
Corrective Double Top: High-probability reversal signal at 1.17298
⚔️ Trade Plan
Entry: Short on a close below 1.17298 (double-top neckline)
Stop-Loss: Just above the PCZ at 1.17600
Size: Risk 1–2% of your account
🎯 Profit Targets
T1: 78.6% retrace of C→D → 1.16684
T2: 100% extension of C→D → 1.16420
🔍 Confirmation & Invalidate
Confirm: Watch for a bearish engulfing or strong close under 1.17298
Invalidate: A reclaim of 1.17653 (PCZ top) kills the setup
Keep It Simple: XABCD → PCZ reject → Double-top break → Ride.
Let price guide you and respect that stop above the PCZ. Trade safe and stack those pips! ✌️
Spotted a classic XABCD Bearish setup on the EUR/USD 2-Hour—price is trading below the PCZ and just formed a corrective double-top at 1.17298, setting us up for a potential continuation lower.
🧠 What’s Going On?
X→A (Down): 1.18306 → 1.17472
A→B (Up): 1.17472 → 1.18103
B→C (Down): 1.18103 → 1.16870
C→D (Up): 1.16870 → 1.17653 (PCZ at 1.17436–1.17590)
After tagging the PCZ, price rolled back—then painted a double-top at 1.17298 and dropped below the 23.6% level (1.17436).
✅ Why We’re Shorting
XABCD Structure: Clear bearish AB=CD projection into the PCZ
PCZ Rejection: Failed retest of 78.6%–100% of C→D
Corrective Double Top: High-probability reversal signal at 1.17298
⚔️ Trade Plan
Entry: Short on a close below 1.17298 (double-top neckline)
Stop-Loss: Just above the PCZ at 1.17600
Size: Risk 1–2% of your account
🎯 Profit Targets
T1: 78.6% retrace of C→D → 1.16684
T2: 100% extension of C→D → 1.16420
🔍 Confirmation & Invalidate
Confirm: Watch for a bearish engulfing or strong close under 1.17298
Invalidate: A reclaim of 1.17653 (PCZ top) kills the setup
Keep It Simple: XABCD → PCZ reject → Double-top break → Ride.
Let price guide you and respect that stop above the PCZ. Trade safe and stack those pips! ✌️
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.
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.