EURUSD Short Scenario

15 mar 2022

As Euro continues to fall we might have one more opportunity to take the trade with a trend. Based on Elliot Wave analysis on a larger timeframes market already finished it's 4 wave and now heading towards wave 5. We can see that the market had the first impulse after the wave 4 was finished and now the market is making a correction. I spotted a supply zone just below 0.618 Fib zone and the price already touched it. If you prefer aggressive trading then you might want to wait until the market reaches the supply zone one more time and take the trade. If you want to reduce the risk I would recommend to take the trade after the price breaks the uptrend channel.
What do you think about this trade? :)

17 mar 2022

Trade chiuso: stop raggiunto

Unfortunately the trade reached the stop level. The mistake was identifying uptrend channel too early and now we can see that this channel is bigger and not yet broken. Also the supply zone worked but only once targeting the "B".