EURGBP COMPLETION OF ELLIOT WAVE AT SWING POINT AND D1 20SMA Short

Euro Fx/British PoundFXCM

Description

⋅ Mar 19, 2015 2:02 AM

SIMPLE SWING POINT/ SUPPORT RESISTANCE PLAY.

CONFLUENCE:
D1 20SMA
CURRENTLY MEETING RESISTANCE AT PREVIOUS SWING POINT.
COMPLETION OF ELLIOT CORRECTION WAVE.

NOTE: EVEN THOUGH PRICE IS TRADING ABOVE H4 20SMA 50SMA. ON THE D1 LEVEL, PRICE IS REJECTED FROM D1 20SMA. PROVING SOME RESISTANCE.

EXIT TRADE IF SUCCESSFULLY CLOSE ABOVE 0.73 ON THE H4 LEVEL.

THIS TRADE HAS ENOUGH CONFLUENCE TO MAKE ME "SELL NOW" WITHOUT FURTHER NEED OF ANY BEARISH CONFIRMATION.

EURGBP

Comments

workingtraders

⋅ Mar 19, 2015 2:58 PM

according to your analysis, are we staying range bound? do you take into account fundamentals?

PriceActionTrading

⋅ Mar 20, 2015 12:50 AM

According to my analysis, i consider EURGBP to be trending / swing trading.
Fundamentals wise, i consider euro weak and gbp strengthening/stronger than eur.

Thus, i do not think that it is going to be range bound. It is going to move in correlation to EURUSD.
However, given my target of 200 pips. Patience is really required considering that the ATR for EURGBP is 74 pips only.
It is gonna take some time but i have already placed my stops at breakeven.
So it is a no loss trade.

Thanks workingtraders.