IvanLabrie
Long

EURGBP: Buy above the high

FX:EURGBP   Euro / British Pound
Simple, analysis on chart, confluence of contrarian but very powerful bullish signals.

#1: Ending diagonal triangle
#2: rgmov divergence
#3: Quarterly ROC up
#4: Absolutely extreme move down based on the Bollinger bands .
#5: Time at mode daily downtrend expiration.
#6: CCI oversold but divergent vs previous peaks.

Good Luck,

Ivan.
Comment: Target almost hit.
In waiting mode, might be a winner on the long side but I'll wait for confirmation. This might have been the whole thing.
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Well, it seems like the diagonal wasn't complete.
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Closed my long, 0.3% profit here. Waiting for a more conservative confirmed entry.
+1 Reply
Entered long because the price action looked considerably clean in EW terms.
Stop under the low.
Also in a spread trade, long eurusd, short gbpusd, no stop loss and position size adjusted via ADR.
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Just looking at the Fib Sequence on EG on Daily I can see a further decline to its Extension 1.618 zone @ 0.63603 and looking back from july, 2013 it has been pretty much following that trend. Just FYI
+1 Reply
colinsheen simpleforextrader
Yeah possible. In this case, this will be a leading diagonal (for the final 5th) instead of an ending diagonal. Either way, as long as it's a diagonal, a bounce is very close.
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IvanLabrie colinsheen
Why leading?
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colinsheen IvanLabrie
of course less likely, but still cannot completely rule out the chance that this is in fact wave (i) of the final large 5th wave down, so a leading. either case, a bounce is imminent.
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IvanLabrie colinsheen
Would be a strange ocurrence, but yes, it would imply a very sharp 0.786 retracement if it is, making this idea profitable as well.
Time for completion should be similar to the one I projected in the chart above with fib time and the arrow.
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