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27.10.2021 12:36 PM
Trading idea for EUR/USD

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This plan is a continuation of the previous bullish strategy on EUR / USD.

As seen on the chart, an opportunity opened for sellers to take short positions. But it is known very well that in popular instruments such as EUR / USD, market makers set traps in order to lure traders. An example of this is the picture below.

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This suggests that bearish traders should take caution, especially around 1.16600, where most sell stops were placed.

As for bullish traders, since there are three wave patterns (ABC), where wave A represents the buying pressure since October 11-19, they can take long positions up to the 61.8% and 50% retracement level of 1.16. Set stop loss at 1.15550, and take profit on:

1. Close 2/3 of the position on the breakdown of 1.16700.

2. Close the remaining 1/3 on the breakdown of 1.19000.

Refrain from taking short positions, otherwise, profit may be lost.

This analysis is based on Price Action and Stop Hunting strategies.

Good luck and have a nice trading day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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