EURGBP, 4hr tf, buy wave-3 extension towards 0.9280
Hello my friends,
Another trading plan for next week is EURGBP.
After price breaking above the descending trendline, this pair has gone up aggresively and i think there is still more to it.
Right now price retracing a little bit after going up for around 240 pips from 0.8980 to 0.9230.
This retracement is only a healthy correction as long as price hold above 0.9080-0.9060.
We could see further weakness if price failed to hold above that 0.9080-60 area.
I tried to break down this recent upwards movement with Elliott Wave theory and price currently retracing for wave-iv after completing wave-iii.
If we look from daily timeframe, price also closed above 0.9150 which served as resistance.
Hence, taking a buy position on a correction towards 0.9100-0.9090 looks promising.
Buy EURGBP 0.9100
Stop loss 0.9060
Take profit 0.9280 (4.5R)
RR Ratio 1 : 4.5
Use only 1-2% risk
Good luck
Another trading plan for next week is EURGBP.
After price breaking above the descending trendline, this pair has gone up aggresively and i think there is still more to it.
Right now price retracing a little bit after going up for around 240 pips from 0.8980 to 0.9230.
This retracement is only a healthy correction as long as price hold above 0.9080-0.9060.
We could see further weakness if price failed to hold above that 0.9080-60 area.
I tried to break down this recent upwards movement with Elliott Wave theory and price currently retracing for wave-iv after completing wave-iii.
If we look from daily timeframe, price also closed above 0.9150 which served as resistance.
Hence, taking a buy position on a correction towards 0.9100-0.9090 looks promising.
Buy EURGBP 0.9100
Stop loss 0.9060
Take profit 0.9280 (4.5R)
RR Ratio 1 : 4.5
Use only 1-2% risk
Good luck
Trade active:
Buy active from 0.9100