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EURUSD is Bearish but I’m going Long

by Sanjay A, November 23, 2021

EUR/USD M30 Elliott Wave

by Sanjay November 23, 2021

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EUR/USD

|

Long

|

M30

Timeframe:

M30

Analysis Method:

Elliott Wave

Analysis:

EURUSD broke out of what I believe is a corrective channel and I bought the majority of my position on the backtest. My analysis is based mainly on Elliott Wave but I have left out the labels in this case.

Trade Plan:

Stop is 1.12258. Target is around 1.1326 to 1.1334 where the 61.8% retracement and the 138.2% extension line up.

Risk Management:

I’m risking a very small portion of the account as the risk/reward ratio is very large and because the larger trend in this pair is bearish.

LEAVE YOUR COMMENT HERE:

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  1. The trade is not going as anticipated so I’ve essentially closed it out for a tiny profit. I’m holding a small balance with my stop moved up.

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