oops

EURGBP short for correcion

Short
FX:EURGBP   Euro / British Pound
5
hiya,

I noticed this rising wedge , which could lead to a correction soon.

The doji candle yesterday was already not convincing itself and it didn't even make a new high in this recent bull run.
Today (at least for now) the market created a big red candle, engulfing the bullish one 2 days ago. not great for bulls either. It just doesn't look right. The lower rising line of this wedge could even be an upward sloping neckline of a potential H&S .

This whole pattern is accompanied by a massive negative divergence.

So the question for me is really: now short or waiting for a RSI trendline break ? I just went for a first trade here and looking for a 38%-50% retracement from the very recent up move.

Happy trading, happy hunting

KP
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.