In this technical article we’re going to take a quick look at the Elliott Wave charts of USDSEK, another forex pair we have traded in EWF. As our members know we have been calling for the rally in the pair due to impulsive bullish sequences. Consequently, we recommended members to avoid selling the pair, while keep favoring buying the dips in 3,7,11 swings. Recently the pair made a short term pull back that has given us buying opportunities. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
USDSEK Elliott Wave 1 Hour Chart 07.13.2022
USDSEK is doing intraday ((iv)) blue pull back that is unfolding as Elliott Wave Zig Zag Pattern. Correction is reaching extremes at 10.468-10.371. Strategy is buying the dips in the blue box zone, where we expect buyers to appear for the further rally toward new high or for a 3 waves bounce at least . Once bounce reaches 50 Fibs against the (b) blue high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break of 1.618 fib extension:10.371
Quick reminder:
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Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
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USDSEK Elliott Wave 1 Hour Chart 07.14.2022
The pair found buyers right at the 100% extension (a)-(b) at 10.468. We got nice reaction so far. Rally reached and exceeded 50 fibs of connector. As a result , all long trades are risk free (put SL at BE) + partial profits have been taken. Currently the pair is doing short term (ii) pull back. As far as the price stays above 10.468 low, we can have ((iv)) correction completed. Otherwise break of that level would suggests the pair is doing 7 swings down against the 10.032 low.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
Elliott Wave Forecast
Source: https://elliottwave-forecast.com/trading/usdsek-calling-rally-buying-blue-box/