Fxprotrader
Long

EURGBP Bullish Cypher Completion At Key Level

FX:EURGBP   Euro Fx/British Pound
In EURGBP             we have a bullish cypher completion with D point formed at a long term uptrend.

Daily Uptrend:
snapshot
Comment: With the completion of the cypher we have the completion of a reversed H&S pattern i posted about a week ago. Something that makes this setup a high probability one
EURGBP Pending Reversed Head & Shoulders At Key Level
Also If the price turns up it will complete a reversal H&S pattern. Nice and cheap set up. Thank you.
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Metafora Metafora
I mean in the D chart.
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Fxprotrader Metafora
Yes that's right.. Good eye..!
+1 Reply
Good Idea
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Thank you
+1 Reply
Hi Fxpro, how exactly do we enter this trade? Enter while the price breaks the blue rectangle above? And how do you place SL? 20/30 pips below bottom pivot?
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There are several ways to trade the harmonics.. Especially when completed at higher time frames. The most common is with placing an order at the D point, in this setup at 0.76640. As for stoploss you may place it below X point of the pattern.. I hope that helps!
+1 Reply
aziz.au Fxprotrader
Thanks helpful. Would you worry with BREXIT about this trade at all?
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Yes, but i truly believe that patterns in structure form and work well because something is happening in the world. Now Brexit is something to worry about but i will take this pattern because it has formed at a key level
+1 Reply
what do u think the next move will you UPDATE ur view ,
In my Opinion i think he finish he's 4 & ABC & FACE a WEEKLY RESISTANCE move and will start a down TREND soon
EURGBP FINISH THE 5 WAVE !
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