Time': 30 min
Technical analysis:
Ascending Wedge Pattern 📈: A clear ascending wedge signals a potential bearish reversal. The price has just completed Wave ⑤ at the top trendline, a classic trigger point for sellers.
* Elliott Wave Confirmation 🖐️: The wedge contains a perfect 5-wave Elliott structure, reinforcing our bearish bias as the final impulse wave concludes.
* Live vs. Textbook 👨🏫: Our live chart is mirroring the ideal "textbook" example shown, increasing confidence in the setup's validity.
The Trade Plan 🎯
* Entry ▶️: Short position initiated in the "Risk Zone" after rejection from the wedge resistance.
* Stop Loss ⛔️: Placed tightly above the Wave ⑤ high at ~1.14821.
* Take Profit 💰: Targeting the major support level at ~1.12925.
Conclusion ✨
This setup presents an exceptional risk-to-reward ratio. The combination of a reliable chart pattern and Elliott Wave count gives us a high-conviction bearish outlook for EUR/USD.
Disclaimer ⚠️: This is a technical idea, not financial advice. Always use proper risk management. Trade safe!
Technical analysis:
Ascending Wedge Pattern 📈: A clear ascending wedge signals a potential bearish reversal. The price has just completed Wave ⑤ at the top trendline, a classic trigger point for sellers.
* Elliott Wave Confirmation 🖐️: The wedge contains a perfect 5-wave Elliott structure, reinforcing our bearish bias as the final impulse wave concludes.
* Live vs. Textbook 👨🏫: Our live chart is mirroring the ideal "textbook" example shown, increasing confidence in the setup's validity.
The Trade Plan 🎯
* Entry ▶️: Short position initiated in the "Risk Zone" after rejection from the wedge resistance.
* Stop Loss ⛔️: Placed tightly above the Wave ⑤ high at ~1.14821.
* Take Profit 💰: Targeting the major support level at ~1.12925.
Conclusion ✨
This setup presents an exceptional risk-to-reward ratio. The combination of a reliable chart pattern and Elliott Wave count gives us a high-conviction bearish outlook for EUR/USD.
Disclaimer ⚠️: This is a technical idea, not financial advice. Always use proper risk management. Trade safe!
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.
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.