By: MJTrading:
EUR/USD has rallied into a significant resistance zone, approaching the upper boundary of a rising wedge/channel pattern. The price is now hovering around a key confluence zone, where trendline resistance and horizontal supply intersect ( 1.16300 —1.16500 )
There are to possible scenarios:
1) If the price Rejects directly from previous High
🔹 Position 1: Sell Stop @ 1.15915
🛑 Stop Loss: 1.6375
🎯 Take Profit: 1.5454
R/R:1
isk Level: Medium
2) If price tries to reach the boundary of the wedge or make a Fake breakout:
🔹🔹 Position 2: Sell Limit @ 1.16300
🛑 Stop Loss: 1.6930
🎯 Take Profit: 1.5000
R/R:2
Risk Level: Low
📌 This zone offers a high-probability reversal setup
📉 Why it Matters:
Price action shows signs of exhaustion after a parabolic move.
EMA structure is stretched, hinting at a potential pullback.
Lets ZOOM OUT:
Daily Chart:
ZOOM IN:
Stay disciplined, let price come to you, and manage risk.
—
#EURUSD #ForexSetup #TradingStrategy #TechnicalAnalysis #ChartPattern #FXTrading #ShortTrade #MJTrading #BearishReversal #PriceAction #SwingTrade #ForexIdeas #Trendlines #BreakoutOrFakeout #RiskReward
EUR/USD has rallied into a significant resistance zone, approaching the upper boundary of a rising wedge/channel pattern. The price is now hovering around a key confluence zone, where trendline resistance and horizontal supply intersect ( 1.16300 —1.16500 )
There are to possible scenarios:
1) If the price Rejects directly from previous High
🔹 Position 1: Sell Stop @ 1.15915
🛑 Stop Loss: 1.6375
🎯 Take Profit: 1.5454
R/R:1
isk Level: Medium
2) If price tries to reach the boundary of the wedge or make a Fake breakout:
🔹🔹 Position 2: Sell Limit @ 1.16300
🛑 Stop Loss: 1.6930
🎯 Take Profit: 1.5000
R/R:2
Risk Level: Low
📌 This zone offers a high-probability reversal setup
📉 Why it Matters:
Price action shows signs of exhaustion after a parabolic move.
EMA structure is stretched, hinting at a potential pullback.
Lets ZOOM OUT:
Daily Chart:
ZOOM IN:
Stay disciplined, let price come to you, and manage risk.
—
#EURUSD #ForexSetup #TradingStrategy #TechnicalAnalysis #ChartPattern #FXTrading #ShortTrade #MJTrading #BearishReversal #PriceAction #SwingTrade #ForexIdeas #Trendlines #BreakoutOrFakeout #RiskReward
Trade active
1st position activated..
.
1st position hit the SL.
.
.
2nd position activated.
Trade closed: stop reached
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Related publications
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.