On the daily chart
EURGBP
is showing signs of a short term drop back towards the rising trend line. The price was rejected at the 50 day SMA (Simple Moving Average) and has begun to pull back.
I think there could be a couple set-ups in the making in the short term.
OPTION 1) Go SHORT at the beginning of the week, baring no major gap, looking for the retest of the rising trend line.
OPTION 2a) If the price bounces and hold off the rising trend line. Take profit and place a LONG to ride the next wave up with an initial target around 0.88580.
OPTION 2b) If the price breaks through the support line located at 0.87840, keep your SHORT position open and ride the breakout to the downside.
ENTRY
SHORT at market open this week (baring no major gap)
STOP
0.90400
Published 10/14/17
EURGBP
is showing signs of a short term drop back towards the rising trend line. The price was rejected at the 50 day SMA (Simple Moving Average) and has begun to pull back. I think there could be a couple set-ups in the making in the short term.
OPTION 1) Go SHORT at the beginning of the week, baring no major gap, looking for the retest of the rising trend line.
OPTION 2a) If the price bounces and hold off the rising trend line. Take profit and place a LONG to ride the next wave up with an initial target around 0.88580.
OPTION 2b) If the price breaks through the support line located at 0.87840, keep your SHORT position open and ride the breakout to the downside.
ENTRY
SHORT at market open this week (baring no major gap)
STOP
0.90400
Published 10/14/17
Trade active:
Entered @ 0.88910
Comment:
Slowly moving in the right direction. Looking for a drop to previous support to make our next move.
Comment:
We are still in this trade looking for a break back down to the south.
We moved our SL to 0.89960. Protecting capital in case of poor GBP Retail Sales print.
With Retail Sales for the GBP coming out this morning we are looking for a good print to help drive the price back towards our original entry and back down to the neckline of our set-up
We moved our SL to 0.89960. Protecting capital in case of poor GBP Retail Sales print.
With Retail Sales for the GBP coming out this morning we are looking for a good print to help drive the price back towards our original entry and back down to the neckline of our set-up