jannatul96

LONG & Short opportunities on EURUSD

FX:EURUSD   Euro / U.S. Dollar
Possible 5th wave left on the this short-term uptrend

Wave 3 showed a 1:1 extension, so I am targeting a 1:1 extension on the 5th wave.

Entry at Just above 3rd wave (1.8000)
SL should ideally be below 4th wave, in case this 5th wave fails.
But I am keeping SL just below the current consolidation zone (BLUE).

TP1 is just under resistance zone - R:R = 0.68
TP2 is on further end of resistance zone - R:R = 1.2
TP3 is targeting the 1:1 Extension - R:R = 1.73

I am sceptical about going long on this trade.
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If this waves fails and does not retrace past wave 3, this may lead to a formation of a double top .
Thus, short opportunities are also labelled.

Entry is at just below wave 4 (Neck line of double top ).
SL is midway of the double top

TP1 is just above wave 1 (Also the 1:1 extension of the double top , VERTICAL BLUE LINES) - R:R = 1.23
TP2 is just above wave 2, which also between 0.5 and 0.618 Fib from wave 1 to top - R:R = 2.24


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(I am an inexperienced student trading on a demo account and I am still learning. Please do not trade my set-ups on a live account. Any feedback is appreciated)


Comment: TP 1 and 2 hit.
Position closed, hit Stop profit at 1.829 👍
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