Fibs
Short

EURGBP Short Position

FX:EURGBP   Euro Fx/British Pound
8 months ago
We normally trade the 61.8% retracement to get a better Risk:Reward ratio, but in this case, the 50% Fibonacci retrace lines up with a price level that has served both as a support and a resistance in the past. We expect that it will act as a resistance once again, seeing that the last high on the 4-hour chart did not manage to climb above the previous one. Our initial target will be at the 27.2% extension, but the trade will be managed by moving the Stop Loss with swings should the predicted down move become a reality. In case we are able to lock in a decent profit, we will consider removing the profit target to give the trade a chance to go much lower, based on the fact that we might be starting a new down move on the Weekly chart after a third bounce off the weekly 50% retrace.
8 months ago
Trade active: Trade activated and filled at 0.78437
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out