FX:EURGBP   Euro / British Pound
164 4 34
Comment: typical false break down - thats why im not coming of the school of the "buy or sell" the breakout. We see in the chart and hidden div going so. its better to short the extension price close half the position on the line and set the rest with Sl than wait a "breakout theory" to trade. In my humble opinion (imho)
On fibo channel there's no false breakout:
BLUE43 TOP Like2Move
right but before the bounce we had only the first 2 down and channels are not perfect, its just some line we draw hoping price will reverse here :-)
Agree with your comments regarding 'breakout theory'. Waiting for "confirmation" can work with stocks, but with FX false breakouts and price action breakdowns seem to be the norm. I like scaling into positions to allow flexibility to make adjustments within the trade.
Next support @ 0.83. Last chance :)
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