🔸speculative xabcd setup advanced entry bears with confirmed reversal at point C at 4490. Expecting short-term losses. point C was printed recently and confirmed a higher high setup.
🔸XABCD pattern structure is defined by point X at 4310 point A at 4475, point B at 4350, point C at 4490 and point D at 4250, which is a 127 extension.
🔸Recommended strategy bears: seek to short/hold near market and put SL below recent high at 4490 and TP at 4250 at point D of the pattern structure. Advanced XABCD entry strategy so use conservative lot sizes and do your own due dill.
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I agree on EUR weakness over commodities, keep it up!
TheFxAce
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Your short position looks well-considered. Is this trade counter to the current market sentiment?
jpeacockfx
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With the recent bullishness we've seen come in for the CAD and weakness for the EUR in regards to COT data this looks like a viable setup. Thanks for sharing and best of luck!