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justinholtgrave

EURGBP - 4H Short In Trend Bearish Engulfing Setup

Short
Euro / British Pound (FOREXCOM:EURGBP)  
justinholtgrave Updated   
FOREXCOM:EURGBP   Euro / British Pound
Candlestick Analysis Multiple Time Frame Analysis Support and Resistance EUR GBP EURGBP short SELL Bearish Patterns Engulfing Candle 4h Daily Charts
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candlestick mtfa supportandresistance eur gbp eurgbp short sell bearish engulfingcandle 4h daily
EURGBP has formed an in trend engulfing setup on the 4H time frame. The engulfing candle nearly engulfed 6 previous candles but didn't quite clear the previous candle high but the daily and weekly time frames supported this setup. Also, nearly all other EUR pairs are very bearish.
The daily candle closed below a previous strong bullish engulfing. The weekly time frame has been bearish for the past 6 weeks.
The 4am EUR retail sales high impact news event set up this trade.
The engulfing candle closed @8am (CST) on Wednesday.
Entry at 50% retracement level.
SL set above engulfing candle high. TP set at 3X risk.
Trade closed: target reached:

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