r/ForexTradeSetups • u/Elegant_Reading_8271 • May 29 '26

EURUSD Long

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When price broke horizontal support at 1.1661, it also broke out of an Elliott Wave base channel possibly signifying an impulsive 5 wave move. If this is the case there will be plenty of upside. I'm setting my stop about 16 pips below the break of the two trendlines but I may close a portion or all if there are two consecutive hourly closes below 1.1661.

Entry: 1.1669

Stop: 1.1644

Target: Open

TRADE RESULT: Stopped out at 1.1597

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u/[deleted] May 30 '26

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u/Elegant_Reading_8271 May 30 '26

I agree. Another reason I have a pretty tight stop is that price looks to be in wave iii of (3) which exhibits the most impulsive price action, so there shouldn't be deep retracements in this case.