TradingView
olly48
Feb 18, 2021 8:46 AM

EUR/GBP Wait For Retrace 

Euro / British PoundFOREX.com

Description

This hit my TP yesterday, I now want to see this retrace so we can enter another short. When viewing on the weekly and daily timeframes you will see this has been on a big drop without a retrace and we are now at a support level. This is why I feel it is a good time to secure profits and wait for a better position to short again that will take us past the support.

I want to see this retrace to at least 0.382 Fibonacci and providing the indicators confirm and price rejects from here we can enter shorts to a target of 0.85959. My ultimate target is 0.83139 which is the bottom of a range this has been in since 2016.

Comment

NOTE: Where it says "Buy Zone" I meant sell of course
More