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JigneshDavda
Nov 11, 2015 5:21 PM

Double Bottom with Divergence Long

Euro Fx/British PoundFXCM

Description

EURGBP Setting up a possible Double Bottom

RSI is diverging and hold the trendline

Price is testing a smaller channel and holding. Good RR from the bottom of the channel, otherwise further confirmation with an upside break of channel

Trade closed manually

The spike down today broke the previous low, which makes the trade setup less attractive. My stop was close to being taken out (within 1 pip!) but did not, therefore taking the opportunity to close here for break even
Comments
VijaySanghishetty
I am also long on this.., :)

JigneshDavda
Good to see we are looking at the same thing. This spike down prior to the London open however invalidates the wave structure for me. I think it's still likely we move higher, but I will sit on the sidelines for this one.
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