Short Micro EUR/USD Futures - 2024-05-24
Layer 1
| Trade Setup | Major Pattern - Reversal |
| Entry Date | 2024-05-24T21:39:13+01:00 |
| Entry Price | 1.0857 |
| Size | 1 |
| Initial Stop | 1.091 (-0.0053) |
| Profit Target | 1.0629 (0.0228) |
| Reward/Risk | 4.3 |
Notes
This trade is a bet that the market will turn down at the D. Wedge boundary. The conservative profit target is the low of the previous swing.
Micro EUR/USD Futures: Daily
The 24 week Descending Wedge wraps a series of lower highs and lower lows. This week the market continued the decline which began Thursday May 16, falling steadily from Monday to Thursday. The downturn began around resistance at the upper boundary of the D. Wedge. On Friday, the market rallied to recover the previous two days losses on light volume. The rally was used to go short with a tight stop above the intraday high of Thursday the 16th.