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,

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.
Well, it seems like the diagonal wasn't complete.
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.
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.
IvanLabrie colinsheen
Why leading?
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.
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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