FeroxWealth

EURGBP Currently Neutral - Bullish Bias - Two Potential Plays

FX:EURGBP   Euro / British Pound
With EURGBP             consolidating on the higher time frames my bias for this pair is bullish as it has just recently bounced off of some nice monthly support @ around .73400. However, I do not want to throw out the possibility of the market continuing lower so, in my analysis, I have drawn up two potential plays: one to the upside and one to the downside.

Please note the following rules below for entry to the upside:
Price action remaining above the .73350 level
Price action breaking out of the short term consolidation range that it is currently in between the red and green horizontal rectangles to the upside, and preferably closing above it
Enter on bearish momentum above the red horizontal rectangle @ around .73750
Profit whatever you can get, but the .73950 and the .74550 level are the two targets for this move to the upside
Stops at around .73250

This trade will lose its potential if the first rule becomes no longer applicable. For example if bearish momentum pushes price action substantially below the .73350 level

Please note the following rules below for entry to the downside:
Price action remaining below the .73750 level
Price action breaking out of the short term consolidation range that it is currently in between the red and green horizontal rectangles to the downside, and preferably closing below .73300
Enter on bearish momentum below the .73300 level
Profit whatever you can get, but the .73000 and the .72450 levels are the two targets for this move to the downside
Stops at around .73800

This trade will lose its potential if the first rule becomes no longer applicable. For example if bullish momentum pushes price action substantially above the 73750 level.

You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.

If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
Trade active: Price action was successfully able to break out of the consolidation range to the downside and hit target 1, lets see if there is enough momentum to reach target 2.
Trade closed: target reached: first target reached to the downside, looks like final target will be reached :)
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